📈 Arbitrum’s Modest Gains and Bullish Pattern
Arbitrum (ARB) has gained 23.13% over the past month but struggled in the last 24 hours, rising just 1.37%. A bullish falling wedge pattern, identified by analyst Alex Clay, suggests potential for an 82% breakout with targets at $1.250, $1.830, and $3.650.
📊 RSI and Ethereum’s Influence
The Relative Strength Index (RSI) shows a rounding bottom, entering a favorable zone for gains. Ethereum’s recovery could further boost ARB, as ETH saw a massive $515.17M inflow into its spot ETF last week. A continued ETH uptrend may drive Layer 2 tokens like ARB higher.
⚠️ On-Chain Conflicts
$ARB ’s Funding Rate of 0.0192% reflects bullish sentiment, as buyers dominate. However, a positive Exchange Netflow shows $1.95M worth of ARB moved to exchanges over the past week, signaling potential sell pressure that could hinder the bullish outlook.
Will ARB’s momentum hold, or will selling pressure derail the rally?
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