A widely followed cryptocurrency analyst and trader is expressing bullish sentiment on one memecoin built on the Solana (SOL) blockchain while revealing his forecast for Ethereum (ETH) going forward.
The analyst pseudonymously known as Flow Horse tells his 216,400 followers on the social media platform X that dogwifhat (WIF), whose logo features a dog wearing a hat, appears to be undergoing consolidation on the daily chart.
According to the pseudonymous analyst, WIF could then turn bullish after the consolidation phase.
“It looks like WIF isn’t ready to take off the hat.”
WIF is trading at $2.97 at time of writing, down by around 38% from the all-time high reached in March.
Turning to ETH, Flow Horse says that if the U.S. Securities and Exchange Commission (SEC) approves a spot Ethereum exchange-traded fund (ETF) for the second-largest crypto asset by market cap months after Bitcoin’s (BTC), the impact could result in a weeks-long uptrend for ETH.
“The Ethereum ETF trade is better than Bitcoin for too many reasons to list, but simply put:
The market is still caught off guard by the pivot and you can guarantee there is still some pocket of doubt and disbelief that won’t enter until we get a headline.
Short-term pop and correction followed by a strong trend up over weeks.
**Also, it is easier to move ETH than it is BTC**”
Ethereum is trading at $3,864 at time of writing, up by around 29% over the past seven days.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: DALLE3
Read the full article here
