The Arbitrum price is hovering around $2.19 as of 4:30 am ET, up 4.6% over the last 24 hours. ARB could reactivate its upside potential if Bitcoin resumes its uptrend and Ethereum reclaims the $4,000 support level and eventually retests its all-time high of $4,800. Traders expect ARB to benefit from benefit from the ensuing liquidity overflows into ETH betas.

Arbitrum bulls eye a 21% rise in the near-term

ARB price has been consolidating within a symmetrical triangle between Jan. 10 and March 6. The price of the layer 2 token eventually ended the consolidation, breaking out of the triangle on March 6.

This move signals a bullish breakout for Arbitrum, with the technical target of the triangle at $2.665 being the next target for the bulls. This would represent a 21% uptick from the current price.

The relative strength index (RSI) was positioned at 66 in the positive region, suggesting that the bulls were still in charge. The moving averages were also facing upward and were trailing the price, which means ARB enjoyed support on the downside.

These were areas defined by the 50-day exponential moving average (EMA), the 100-day EMA and the 200-day EMA at $1.90, $1.72, and $1.51, respectively.

On the downside, ARN could turn down from the current levels toward the triangle's resistance line at $2.03. A drop lower would take the price back into the triangle where it could continue consolidating for a few more days.