This pseudonymous crypto trader thinks this 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.

A top crypto trader believes one Ethereum (ETH)-based decentralized finance (DeFi) token is an “obvious play” in light of recent developments with ETH.

The pseudonymous analyst, known as the Flow Horse, told his 216,500 followers on the social media platform X that the governance token of Ethena (ENA) appears to be a promising play.

“Looking to go for round 2 of a shift in the pace downward and possible turnaround.”

The Ethena Labs project features the yield-earning “synthetic dollar” token USDe. The project seeks to create a stable and scalable money in the crypto space that doesn’t rely on traditional banking systems.

ENA is currently valued at $0.848. The 83rd-ranked crypto asset by market cap is up nearly 15% in the past week.

The Flow Horse noted, however, that he will be mainly focusing on Ethereum.

“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.”

The SEC this afternoon approved the Form 19b-4 filings from BlackRock, Fidelity, VanEck, Grayscale, Bitwise, Ark, Franklin Templeton and Invesco Galaxy for an Ethereum ETF.

ETH is currently valued at $3,738. The second-ranked crypto asset by market cap is up nearly 24% in the past seven days.