Arbitrum (ARB) is currently trading at $0.217011, reflecting a 24-hour change of -3.34%. The daily price movement has been contained within a range of $0.009147, with a high of $0.22477 and a low of $0.215623, indicating a period of low volatility.

Volume for the last 24 hours stands at approximately 105.39 million ARB, equating to 8.63% of the market capitalization. This relatively moderate volume suggests that the selling pressure is consistent with the negative price movement observed, supporting the bearish sentiment in the short term.

The hourly moving averages indicate a downtrend, with the 8 SMA at $0.2203 and the 13 SMA at $0.2201 both showing declines of over 1.4%. However, the 144 SMA shows a positive change of +2.19%, hinting at some potential support around $0.2124, which could serve as a pivot point for future price action.

The 1-hour RSI is at 47, indicating that the asset is neither overbought nor oversold at this moment. In contrast, the 7-day RSI is slightly higher at 54, suggesting a more neutral stance, while the 14-day RSI reflects a bearish trend, confirming the recent downward movement.

Over the past 30 days, ARB has experienced a significant decline of approximately -32.73%, while the 7-day price change shows a slight recovery of +6.15%. Given that the price is substantially below its all-time high of $2.39, which was reached in January 2024, the asset's current valuation seems to lack momentum for recovery in the near term.

In conclusion, the current technical indicators and the recent price action suggest that Arbitrum is under bearish pressure. The combination of declining moving averages, moderate volume with consistent selling, and negative long-term price trends lead to a recommendation to Sell ARB at the current price level.