The post Investors Target Ethereum Layer 2 Coins UNI, ARB, and LINK as BTC Price Consolidates appeared on BitcoinEthereumNews.com.

Coinspeaker Investors Target Ethereum Layer 2 Coins UNI, ARB, and LINK as BTC Price Consolidates After the US SEC approved the spot Ether ETFs last week, Ethereum (ETH) and its ecosystem altcoins consolidated for a while before kickstarting the recent price rally. On Sunday, May 26, ETH price witnessed fresh bullish action surging to $4,000 extending its weekly gains to more than 28%. On the other hand, Bitcoin (BTC) price has been continuously facing downward pressure and failing to restore back above $70,000. However, the Ethereum rally has triggered fresh momentum in other Layer-2 coins and other altcoins which can see a strong move to the upside. Uniswap Price Rally Over the last week, the Ethereum-based decentralized exchange (DEX) Uniswap has witnessed strong activity. Uniswap’s native cryptocurrency UNI is up by a staggering 41% during the past week. As of press time, Uniswap is trading at $11.01 with a market cap of $6.59 billion. The UNI/USDT pair faced resistance at $11.81 on May 26. However, if buyers maintain their positions without yielding much to the bears, the chances of breaking above $11.81 will increase. If successful, the pair could climb to $13.34 and then to $15. Conversely, if the price declines and falls below $10, it will indicate aggressive profit-taking by the bulls. This could push the pair down to the 20-day EMA ($9.05) and postpone the next upward movement. Photo: TradingView Arbitrum Along with Ethereum, the Layer 2 platform Arbitrum has also witnessed strong gains of 28% over the past week, There’s strong bullish action in the last 24 hours as well with the Arbitrum (ARB) price gaining an additional 12% and shooting past $1.25. Furthermore, the daily trading volume has also skyrocketed by 113% moving all the way to $850 million. However, a small positive for the bulls…

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Filed under: News - @ May 27, 2024 3:28 pm