Arbitrum eyes $3.65 – Here’s how seller pressure threatens to halt the surge
The post Arbitrum eyes $3.65 – Here’s how seller pressure threatens to halt the surge appeared on BitcoinEthereumNews.com.
According to analysts’ charts, ARB is now trading within a falling wedge pattern, signaling the potential for a rally to the upside. Other metrics, however, give mixed signals about what to expect from ARB in the coming days. Over the past month, Arbitrum [ARB] recorded a solid 23.13% gain in an effort to regain balance after a notable drop. Yet, in the last 24 hours, it has struggled to sustain its momentum, achieving only a modest 1.37% increase. There is some optimism in the market with the formation of a positive pattern. But will ARB take the bullish path? AMBCrypto explores this further. Falling wedge positions ARB for a rally Crypto analyst Alex Clay has identified a falling wedge pattern in ARB’s price action—a classic bullish formation where prices consolidate downward before an upward breakout. Historically, this pattern has yielded gains of up to 82.24%. ARB recently broke out of this pattern, signaling the potential for further upside. Clay’s chart highlights three key targets: $1.250, $1.830, and $3.650. Supporting this outlook, the Relative Strength Index (RSI) is forming a rounding bottom as it trends into positive territory. This suggests ARB is entering a favorable zone for continued gains. Source: X Clay expressed optimism about ARB’s prospects, stating, “As $ETH recovers, I am looking for its leading Layer 2 projects [like ARB] to rise as well.” How ETH recovery could drive Arbitrum price rally Ethereum’s price recovery is likely to significantly influence Layer 2 tokens like ARB, which depend on Ethereum’s performance for growth. In the past week, ETH has begun its recovery, drawing renewed interest from traditional investors. Data from Sosovalue reveals that ETH spot ETF saw its largest single-week inflow, totaling $515.17 million—a clear indication that investors are accumulating the asset. Source: Sosovalue If ETH sustains this upward trajectory,…
Filed under: News - @ November 19, 2024 10:26 pm