A significant purchase of Ethereum and Uniswap by Amber Group has fueled a surge in their prices, raising questions about the rally's sustainability. The wallet related to Amber Group accumulated $20 million worth of Ethereum and Uniswap, sparking optimism about potential price movements and the broader implications for the market amid current volatility.

Ethereum and Uniswap Price Soars Anticipation

The large-scale accumulation has fueled a slight recovery in both Ethereum and Uniswap prices. The news has generated significant buzz among investors, eager to see if this momentum will be sustained in the face of a fluctuating market. Market analysts suggest that this substantial purchase by a major player like Amber Group could indicate strong confidence in these assets' future prospects.

Will The Rally Sustain?

Ethereum's recent price recovery has been buoyed by expectations surrounding the U.S. Spot Ethereum ETF approval. The SEC has already accepted the 19b-4 filings for Ether ETF as of May 23. Besides, SEC Chair Gary Gensler has recently hinted that the approval for Ethereum Spot ETF could come by the end of summer, adding to market optimism.

In addition, a senior Bloomberg ETF analyst anticipates that the Spot Ethereum ETF might get approved around July 2. This potential timeline projection has further boosted Ethereum's market confidence, making it a focal point for investors betting on its sustained growth.

Uniswap's Growth

Uniswap has shown significant growth in its Layer 2 (L2) solutions. According to a recent post from Uniswap Labs, the protocol's all-time L2 volume has reached $300 billion. This rapid growth underscores increasing user adoption and heightened transaction volumes on Layer 2 (L2) platforms, reflecting a robust uptrend. Besides, this impressive growth trajectory has strengthened investor confidence in Uniswap's continued expansion and the potential rise in demand for UNI tokens.

Current Market Picture

As of writing, Ethereum price soared 0.50% and exchanged hands at $3,533.98, with its trading volume soaring 13% to $16.13 billion. On the other hand, Uniswap price noted a surge of 1.91% to $10.96, while its volume soared more than 34% to $360.5 million.