Ethereum

Arbitrum

Pepe Coin

<ul>
 <li>Ethereum ETF approval led to a surge in the Arbitrum price by 30% in a week, attracting 100,000 new users.</li>
 <li>ARB is trading between $1.23 and $1.27, with $1.30 as the next target.</li>
</ul>
Following the approval of an Ethereum exchange-traded fund (ETF), Arbitrum saw a notable surge of 5% in the last 24 hours, attracting 100,000 new users to the platform. This surge propelled the price of ARB to reclaim the $1.20 mark, climbing over 30% in a weekly time frame from $0.9757 to $1.2712.
Additionally, the daily trading volume of the Arbitrum soared over 93% to $829 million.
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="770" height="357" src="https://thenewscrypto.com/wp-content/uploads/2024/05/image-144.png" alt="" class="wp-image-99220" srcset="https://thenewscrypto.com/wp-content/uploads/2024/05/image-144.png 770w, https://thenewscrypto.com/wp-content/uploads/2024/05/image-144-300x139.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/05/image-144-768x356.png 768w" sizes="(max-width: 770px) 100vw, 770px">
 <figcaption class="wp-element-caption">Arbitrum (ARB) Price Chart (Source: <a href="https://coinmarketcap.com/currencies/arbitrum/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>)&nbsp;
 </figcaption>
 </figure>
</div>
As investors flocked to the <a href="https://thenewscrypto.com/is-ethereum-eth-poised-for-a-major-upside-break/" target="_blank" rel="noopener noreferrer nofollow">Ethereum ecosystem</a>, Ethereum Layer-2 networks, including Arbitrum, emerged as major beneficiaries of this shift in sentiment. The Ethereum ETF approval has impacted not only Arbitrum it also caused a reshuffling in the broader cryptocurrency market. Ethereum’s main rivals, Solana (SOL) and Cardano (ADA), experienced a decline in traction as Ethereum-affiliated projects surged.
<h3 class="wp-block-heading" id="h-will-arbitrum-arb-reach-new-high">Will Arbitrum (ARB) Reach New High?</h3>
Despite a correction phase since mid-March, Arbitrum exhibited <a href="https://thenewscrypto.com/arbitrum-arb-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">bullish momentum</a> in May, rising from $0.94 to $1.27, driven by increased volume and network activity. With active addresses hitting a record high of 1.1 million and ARB holders increasing to 1.5 million, the outlook for Arbitrum remains optimistic.
Currently, Arbitrum is trading within the resistance zone of $1.21 and $1.27. For the uptrend to continue, bulls will need to breach the $1.29 mark and enter the $1.30 zone. However, a rejection below $1.20 could signal a bearish trend, potentially bringing ARB down to $1.914, with further declines to $1.1539.
Overall, the outlook for Arbitrum remains positive, driven by increased user adoption and favorable market conditions following the Ethereum ETF approval.
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Arbitrum Price Surges 30% Post Ethereum ETF Approval

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