Arbitrum Price Prediction: ARB Targets $1 – How Does It Stack up Against Ethereum?

Updated: 29 August 2023

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Arbitrum’s rally towards $1 is gearing up. ARB was trading at $0.93 at the time of writing after a slight 0.6% gain in the last 24 hours.

ARB has dropped by 5.9% in the last seven days, down by 20% over the past month.

ARB’s performance mirrors Ethereum’s, which has also posted a slight 0.4% gain in the last 24 hours.

The Ethereum layer-two scaling token needs to reverse towards an uptrend to avoid falling to an all-time low. Its all-time low currently stands at $0.912, which will be attained if the price drops by 2.58% from the current levels.

Arbitrum Targets $1 After Slight Gain

Arbitrum has posted some mild volatility in its 24-hour price action. During this period, ARB has traded between $0.92 and $0.95.

The lack of significant price swings could be attributed to weakening trading volumes. ARB’s trading volumes have dropped 8% in the last 24 hours to $102 million.

A look at Arbitrum’s price movement over the past month points to a steady downtrend. The token posted a monthly high of $1.19 but has since dropped steadily.

A major downtrend was seen on August 18 when the price plunged to $0.95 amid a recession across the broader cryptocurrency market. ARB is currently trading at monthly lows of $0.93.

If ARB fails to hold levels above $0.93, the price will likely drop to a new all-time low below $0.91.

Arbitrum Targets $1, But Bears Threaten New All-Time Low

Arbitrum is currently trading near June lows. Market confidence is weak, as the Relative Strength Index 29 indicates selling pressure.

The RSI line is tipping south, showing that sellers are not exhausted.

A critical support at $0.93 has been formed. The price appears to drop to this level to collect liquidity before bouncing.

The bears remain in control, with the price falling below the 50-day and 100-day Simple Moving Averages (SMAs). Further dips will see ARB test support at $0.907, a new record low.

Repurchases Fail To Halt Downtrend

ARB has failed to rally despite Offchain Labs repurchasing ARB tokens. The platform appeared to have purchased 1.72 ARB tokens from Binance. Such activity was seen in June when the price dropped to record lows.

🚨 @OffchainLabs appears to buy back 1.72M $ARB from #Binance at $0.99 ($1.7M) via address 0xb41 1hr ago, as price is near its all-time low.

The same behavior happened during last June’s crash: address 0xb41 accumulated 4.48M $ARB at ~$0.99 ($4.45M) then sent to Offchain Labs. pic.twitter.com/KnuM5VQoZf

— Spot On Chain (@spotonchain) August 23, 2023

In June, when the crypto market plunged again, the wallet address was also used to purchase ARB tokens worth $4.45 million. If the repurchase helps calm the downtrend, ARB could hold $0.94 and possibly rally to $1.

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