Following the recent approval of spot Ether ETFs by the US SEC, Ethereum (ETH) and its associated altcoins experienced a period of consolidation before initiating the current uptrend. On Sunday, May 26, ETH surged to $4,000, marking a weekly gain of over 28%. Meanwhile, Bitcoin (BTC) struggled to surpass $70,000, facing continuous downward pressure. Nonetheless, Ethereum's rally has injected fresh momentum into other Layer-2 coins and altcoins, potentially leading to upward movements.

Uniswap (UNI) Price Surge

Over the past week, decentralized exchange Uniswap, based on Ethereum, has seen significant activity. UNI, Uniswap's native cryptocurrency, surged by an impressive 41% during this period, reaching $11.01 at the time of writing, with a market cap of $6.59 billion.

Resistance was encountered at $11.81 on May 26 for the UNI/USDT pair. However, sustaining buying positions against bearish pressure could increase the likelihood of surpassing $11.81. If successful, the pair may target $13.34 and then $15.

Alternatively, a drop below $10 may indicate aggressive profit-taking, potentially pushing the pair down to the 20-day EMA ($9.05) and delaying further upward movement.

Arbitrum (ARB)

Similar to Ethereum, the Layer 2 platform Arbitrum has witnessed substantial gains of 28% over the past week. In the last 24 hours, ARB has surged an additional 12%, surpassing $1.25, with daily trading volume increasing by 113% to $850 million.

Maintaining the price above the 20-day EMA ($1.11) is a positive sign for bulls, enhancing the prospects of breaking resistance. If successful, the ARB/USDT pair could aim for $1.60 and potentially $1.75.

However, a sharp decline below $1.10 could invalidate the optimistic outlook, pulling the price towards strong support around $0.90.

Investors Focus on Ethereum Layer 2 Coins UNI, ARB, and LINK Amid BTC Price Stability

Chainlink (LINK)

Another significant player in the altcoin space is Chainlink (LINK), an Oracle service provider. LINK has been hovering around the critical resistance level of $17.3 in recent days, with the bulls and bears engaged in a tight battle.

With the 20-day EMA ($15.96) sloping upwards and the RSI above 62, bullish sentiment prevails. Overcoming minor resistance at $18.68 could pave the way for advances to $20.74 and $22.

However, a downturn below $17.32 could signal a rejection of the breakout, potentially leading to a decline to the 20-day EMA and then to the 50-day SMA ($14.95).