Arbitrum is in the spotlight after Robinhood hinted at a big crypto announcement happening on Monday, pushing the price of the ARB token higher.
Robinhood Hints at Arbitrum Partnership
Robinhood posted on X (formerly Twitter) that Ethereum co-founder Vitalik Buterin, Robinhood Crypto’s General Manager Johann Kerbrat, and A.J. Warner from Offchain Labs (the team behind Arbitrum) will speak at a fireside chat during a Robinhood Europe event in Cannes, France.
The event is being advertised as the company’s “biggest crypto announcement of the year.”
It now looks like Robinhood may have chosen Arbitrum, according to former Ethereum developer Eric Connor.
Back in May, Robinhood was working on a blockchain platform for European investors to trade US stocks, with Arbitrum and Solana as possible partners. Those talks were not confirmed at the time.
Others in the crypto space believe the announcement could even involve Robinhood launching its own blockchain using Arbitrum.
Arbitrum Price Jumps on Speculation, But Major Hurdles Remain
Arbitrum’s token (ARB) jumped 17% in the past 24 hours as rumors of a possible partnership with Robinhood gained momentum. The news has sparked fresh interest in ARB, with traders hoping for more bullish moves ahead of Monday’s expected announcement.
The ARB/USDT daily chart shows some important price levels to watch. The Order Block (OB) around $0.40 marks a strong resistance zone where the price has struggled before. Below that is a Fair Value Gap (FVG), an area where the price might pull back to before its next move.
The Break of Structure (BOS) at $0.30 also shows where the price broke a key level earlier, which now acts as support. Traders will be watching these levels closely as the market waits to see if the Robinhood rumors come true.
Meanwhile, the RSI is at 57.44, meaning momentum is slightly bullish but not overbought. There’s also a support level on the RSI at 42.73, showing where momentum held up before.
Despite the recent rally, ARB is still down nearly 50% this year and 85% below its all-time high of $2.39 set in January 2024.
Robinhood’s stock price (HOOD) also saw a small boost overnight, rising 1.65% to $84.26 as investors look forward to Monday’s news.
