Ethereum

Arbitrum

The post <a href="https://coinpedia.org/price-analysis/arbitrum-arb-price-shows-bullish-momentum-good-to-buy-now/" rel="noopener noreferrer nofollow">Arbitrum (ARB) Price Shows Bullish Momentum, Good To Buy Now?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
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.&nbsp;
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&nbsp; 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.&nbsp;
<h2 class="wp-block-heading" id="h-will-the-arb-bulls-relent-nbsp">Will the ARB Bulls Relent?&nbsp;</h2>
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.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/qsX-FPtLpPwtjh70DwRFOMNtUc8XWtpVaV9ij8zVXV8ET9j1_bBAliNGzMeFDaXwkLp9WJyb8_ghjgkJjKGVTsXAlzAiEi8CsOOJ7CY7KlwnUojBvDaaevp4zQWKz6Kj5vQ4xGEhYsQpQcQiQEED8ZI" alt="">
</figure>
The chart shows an upward channel pattern, towards forming a wedge accompanied by a positive RSI at 59 and accumulation and distribution moving alongside.&nbsp;
The bulls may not relent from here, until $1.3, thereafter the price will need a sideway growth to sustain the long term trend.&nbsp;
<h2 class="wp-block-heading" id="h-arbitrum-abr-forecast">Arbitrum ABR Forecast</h2>
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.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/S8EN6aoR4AMCLej1GUNiTik0Npe5yIRkmUqarHEV9iuEpWfDvkw7C2HX6-QVQ8GgdL34TLalIkzLpi_8NkRbXl4vsURZ9zEg1sUaHdmsCUnBx0HnY7viATz-Qi31yqQy0M9QsDwjJ1woQmXOsJ8JoZE" alt="">
</figure>
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.&nbsp;
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.&nbsp;

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

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