Arbitrum

Optimism

Coin

<ul class="news-points"> 
 <li>OP fell to $3.24 after crossing $4, while ARB dropped to $1.85 before hitting $3.</li> 
 <li>A breakdown below $3.15 could send OP trading as low as $2.50.</li> 
 <li>The 9 and 20 EMA closed above ARB’s price, suggesting another drawdown.</li> 
</ul> 
After reacting positively to the spot ETF approval, L2 tokens <a href="https://coinedition.com/arbitrum-arb-price-prediction/">Arbitrum (ARB)</a> and <a href="https://coinedition.com/analyst-unveils-optimism-op-strategy-after-recent-hike/">Optimism (OP)</a> have lost a significant chunk of their values. In the last seven days, ARB has lost 16.74% of its value. This placed the price at $1.87, despite its initial attempt to test $3. 
OP, on the other hand, was not any better, sliding by 15.06% and trading at $3.24 at press time. The price decrease of these tokens could also be linked to <a href="https://coinedition.com/fidelitys-ethereum-etf-delayed-what-to-expect-now/">Ethereum (ETH)</a>. Historically, when ETH rallies, ARB and OP do much better. At press time, ETH’s price had decreased by 5.33% within the same period that OP and ARB fell.&nbsp; 
<h2 class="wp-block-heading" id="h-optimism-op">Optimism (OP)</h2> 
On January 12, OP hit $4.29, marking its highest price since it launched. At that time, the volume around the cryptocurrency surged. However, that parabolic movement has been halted by intense selling, as the 4-hour chart showed that OP had dropped to $3.21. 
With a stead…
The post <a href="https://coinedition.com/why-op-and-arb-recoveries-depend-on-eths-next-movement/">Why OP and ARB Recoveries Depend on ETH’s Next Movement</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

Why OP and ARB Recoveries Depend on ETH’s Next Movement

Table of Contents

Coin Edition

Other articles published on Jan 19, 2024

SuperEx 2nd Anniversary Celebration warm-up, come and get total prize pool worth $25000

XRP Price Action Puts Bulls 6,880% Above Bears, But There's a Catch

Market Turmoil: Cryptocurrency Volume Plummets Amidst Sell-Off Pressure

Why is Europe preparing for Donald Trump’s return?

Bitcoin slides 15% as GBTC investors exit post-ETF launch

Ripple CEO Criticizes SEC Chair Gensler’s Regulatory Approach

Join our free newsletter for daily crypto updates!