A top crypto trader thinks one Ethereum (ETH)-based decentralized finance (DeFi) token is an “obvious play” amid recent ETH developments.
The pseudonymous analyst known as the Flow Horse tells his 216,500 followers on the social media platform X that the governance token of Ethena (ENA) looks promising.
“Looking to go for round 2 of a shift in the pace downward and possible turnaround.”
The Ethena Labs project includes the yield-earning “synthetic dollar” token USDe. The project aims to create a stable and scalable form of money in the crypto space without relying on traditional banking systems.
ENA is trading at $0.848 at time of writing. The 83rd-ranked crypto asset by market cap is up nearly 15% in the past week.
The Flow Horse notes that he primarily plans to focus on Ethereum, however.
“On a real note. I already see a ton of people talking about ETH beta. Do you know what most of my ETH beta will be? Leveraged ETH.
Think of the dirt that ETH was dragged through over the last year, and how unexpected this was. There is a lot of catching up to do, this is not priced in.”
This afternoon, the SEC approved Ethereum ETF form 19b-4 filings from BlackRock, Fidelity, VanEck, Grayscale, Bitwise, Ark, Franklin Templeton and Invesco Galaxy.
ETH is trading at $3,738 at time of writing. The second-ranked crypto asset by market cap is up nearly 24% in the past seven days.
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Generated Image: Midjourney