Arbitrum Price Sees Sustained Momentum Amid Elara Upgrade

Arbitrum (ARB) has seen a significant recovery in September, with its price rising by 28.32% over the past day and 13.90% weekly, reaching around $0.111.

The token's monthly chart shows improving momentum after rebounding from its recent cycle low of $0.0702.

A move above $0.1146, a Fibonacci midpoint, could strengthen the recovery and improve market confidence.

However, elevated Stochastic RSI readings suggest caution, indicating strong buying momentum but also overbought risks.

The Elara upgrade, which brings protocol-level compliance filtering and customizable priority fees to dedicated Arbitrum chains, adds a fundamental catalyst for the token in September.