Arbitrum (ARB) Price Shows Bullish Momentum, Good To Buy Now?

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Arbitrum experienced a 28.7% weekly surge following the Ethereum ETF approval, with 1,00,000 new users holding the asset, ARB tends to continue the upside movement. 

Arbitrum Crypto since the Mid-march is in a correction phase as an impact of a market downtrend, but the bulls took control in May, dragging the price from $0.94 to $1.26. The trend is supported by increased volume and network activity, wherein the active addresses hit a record high of 1.1 million.

As Arbitrum happens to be the Ethereum-affiliated top L2  blockchain, the inception of Ethereum ETFs is expected to push the price upward significantly. All the technicals appreciate the movement and price trading above the 50-day and 20-day SMA. If the same trajectory continues, ARB can be seen at $2 by the end of Q3 2024. 

ARB/USDT in the 4-hour chart is making sensible moves, the price is currently trading in the resistance zone of $1.23 and $1.27, and a breakout from here is expected. Although, no strong support positions were created, one at $1.07, which is too deep. 

The chart shows an upward channel pattern, towards forming a wedge accompanied by a positive RSI at 59 and accumulation and distribution moving alongside. 

The bulls may not relent from here, until $1.3, thereafter the price will need a sideway growth to sustain the long term trend. 

In addition to increasing in technicals, ARB holders have also increased to 1.5 million. The chart below shows users’ ARB holding in wallets increased by 1,00,000.

The breakout above $1 and the surge after $1.13 resistance have attracted buyers and accumulation is seen to be increased. The price now trading above 50 days and 20 Day SMA is a good aspect. 

The bulls need to breach $1.29 and enter the $1.3 zone to keep the uptrend, but any rejection from here below $1.22 will trigger a bearish trend.