ARB Swing Long Idea - Arbitrum Analysis 
2024-11-19

ARB is the leading Ethereum Layer 2 chain. We haven’t seen an ETH rally yet, so ETH-based coins (ETH betas) are currently underperforming. However, I would recommend considering a small position to potentially catch an ETH pump, as these ETH-based coins have significant technical potential.

Technical Analysis: The price took out the 2023 low and created new lows in 2024. It now appears to be building weekly bullish momentum by forming a weekly demand zone.

The daily structure also looks bullish. We recently broke and closed above the bearish trendline. I expect the price to retrace into the weekly demand zone, potentially retest the trendline, and then take off toward the first and second targets.

SL: 0.41
TP1: 0.83
TP2: 1.27

