#TipsTradingFutures
Uniswap (UNI) Potentially Profits from Ethereum ETF Launch
Uniswap is the largest decentralized exchange (DEX) for trading crypto tokens via liquidity pools on Ethereum. Thanks to this relationship, UNI, Uniswap's native token, has a strong correlation with ETH.
BeInCrypto confirmed this after assessing the correlation coefficient data presented by Macraxis. Findings reveal this is one of the altcoins that could benefit from the launch of an Ethereum spot ETF.
Currently, UNI is trading at US$7.57. The 21.31% decline since the beginning of the month shows that this could be an ideal “buy the dip” opportunity.
Regardless, the swarm of crypto whales seems to lend credence to the bullish potential. Moreover, they recently bought up UNI in fantastic quantities. In addition, Awesome Oscillator (AO) emits green histogram bars. This means that downward momentum can immediately swerve upwards.
If this gets validation along with continued massive accumulation, UNI price could rise above US$8 in the short term. If the bulls are able to continue to get rid of the bears, the value of this token could rise as high as US$9.40 or even US$10.03.
However, Uniswap's bullish bias may not materialize if ETH price records poor performance. If this happens, the UNI token price is threatened with falling to US$6.76.
