- OP fell to $3.24 after crossing $4, while ARB dropped to $1.85 before hitting $3.
- A breakdown below $3.15 could send OP trading as low as $2.50.
- The 9 and 20 EMA closed above ARB’s price, suggesting another drawdown.
After reacting positively to the spot ETF approval, L2 tokens Arbitrum (ARB) and Optimism (OP) have lost a significant chunk of their values. In the last seven days, ARB has lost 16.74% of its value. This placed the price at $1.87, despite its initial attempt to test $3.
OP, on the other hand, was not any better, sliding by 15.06% and trading at $3.24 at press time. The price decrease of these tokens could also be linked to Ethereum (ETH). Historically, when ETH rallies, ARB and OP do much better. At press time, ETH’s price had decreased by 5.33% within the same period that OP and ARB fell.
Optimism (OP)
On January 12, OP hit $4.29, marking its highest price since it launched. At that time, the volume around the cryptocurrency surged. However, that parabolic movement has been halted by intense selling, as the 4-hour chart showed that OP had dropped to $3.21.
With a stead…
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