ARBITRUM ARBUSDT Price Analysis: What the Numbers SayHello traders, this is @Vestinda!
Briefly, Arbitrum is a layer-2 scaling technology for Ethereum aimed at boosting transaction speed and efficiency on the Ethereum blockchain.
It is built on top of Ethereum and utilizes a technology called Optimistic Rollups to increase the number of transactions per second, reduce gas fees, and improve the overall user experience.
The purpose of Arbitrum is to provide a scalable and efficient solution for Ethereum users, developers, and dapps, enabling them to build and interact with smart contracts on the Ethereum network without worrying about the high fees and slow transaction times associated with the main Ethereum chain.
The team management behind Arbitrum is Offchain Labs, which was founded in 2018 by Ed Felten, Steven Goldfeder, and Harry Kalodner. Ed Felten is a computer science professor at Princeton University, and he also served as the Deputy Chief Technology Officer of the White House during the Obama administration. Steven Goldfeder is a postdoctoral researcher at Princeton University, and Harry Kalodner is a computer science PhD candidate at the University of Maryland.
The key investors behind Arbitrum include Sequoia Capital, Redpoint Ventures, Pantera Capital, and Placeholder Ventures , among others. In May 2021, Offchain Labs raised HKEX:120 million in a Series B funding round led by Lightspeed Venture Partners, with participation from other notable investors such as Ribbit Capital, Alameda Research, and Mark Cuban.
Shortly after listing on big CEX the price of ARBUSDT has skyrocketed to a swing high of 1.82, only to retrace to the 61-50% Fibonacci retracement levels. However, fear not, as the cryptocurrency is now making a rebound. To ensure successful short-term trades, keep a lookout for the nearest support level, which is located at the 50% Fib level of 1.48.
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