Arbitrum reversed all September losses at press time, but price action hit a hurdle at $1.
consolidated recent gains below the mid-range of $27.1k. However, it could retreat lower if bulls fail to reclaim the mid-range level convincingly.The recovery that began on 11 September faltered temporarily and deviated off the ascending channel. The extended recovery at the end of September tipped ARB to recover lost ground but hit the daily bearish order block of $0.933 – $0.999 press time.
If BTC reclaims $27.1k and targets $28k, ARB could clear the hurdle and the daily bearish OB below $1.0. If so, ARB could target the next roadblock and resistance zone above $1.05. But unexpected BTC losses could tip ARB to retreat to the range-low near $0.90 or the daily chart’s price imbalance of $0.845 – $0.882 . Such a retracement could offer new buying opportunities.
Notably, the H4 market structure was bullish alongside elevated buying pressure, as shown by the RSI in the overbought zone. Besides, the positive CMF reiterated substantial capital inflow into ARB’s market in the past few days.
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