Arbitrum Price Surges 30% Post Ethereum ETF Approval

Ethereum ETF Approval Sparks Surge in Arbitrum Price

Following the approval of an Ethereum exchange-traded fund (ETF), Arbitrum witnessed a remarkable surge of 30% in a week, attracting 100,000 new users.

ARB currently trades between $1.23 and $1.27, with $1.30 as its next target.

Ethereum ETF Approval Impacts Market

The approval of the Ethereum ETF has not only benefited Arbitrum but has also reshuffled the broader cryptocurrency market. Ethereum's main rivals, Solana (SOL) and Cardano (ADA), have experienced a decline in traction as Ethereum-affiliated projects have surged.

Arbitrum's Bullish Momentum

Despite a correction phase since mid-March, Arbitrum has exhibited bullish momentum 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.

Technical Analysis

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.

Positive Outlook

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 (ARB) Price Chart (Source: CoinMarketCap)