Currently, ether (ETH), Ethereum’s native crypto, is on fire. Recently, the second major crypto on the market made headlines by reaching a level that it had not approached since 2021. But its upward momentum does not seem to want to stop. ETH broke resistance at $3,000, helped by an operational advance from Uniswap, a decentralized trading protocol built on Ethereum.
Ethereum hits new price record!
ETH is once again at the center of attention among crypto investors. Data shows that Ethereum’s native crypto has surpassed the symbolic $3,000 mark. It had already briefly reached this level a few days ago, before retreating to leave room for speculation.
Recently, the question of the continuation of the upward momentum of the asset divided analysts. But analyst Mikybull Crypto had spoken in favor of a sustained rise in ETH in March, with $3,000 as a potentially achievable target.
We can say that current ETH trends completely prove him right before the scheduled deadline. Indeed, ETH is currently moving around a valuation of $3,105. A record level for 22 months, far from the historic level of $4,721.07.
This rise in valuation of Ethereum’s native crypto did not happen alone. The data points to a parallel between this remarkable price increase and trends regarding the Uniswap protocol, based on the Ethereum blockchain.
A surge in ETH driven by Uniswap, among others
The improvement in the price of ETH coincides with a significant jump in the value of UNI, Uniswap’s native crypto. The latter saw its price increase by 40% in a single day for a weekly increase of 42.40%.
This caused the price of the crypto to increase from $7 to $12.7 before stabilizing around $10.5. This dynamic appears to have been catalyzed by a proposal to establish cost sharing within the framework of the protocol. But there is something else besides.
According to analysts, the recent price surge could be partly attributed to investors reallocating their profits from Uniswap to ETH. This trend, coupled with anticipation of the Starknet airdrop, would have brought Ethereum closer to a ratio of 0.06 BTC to Bitcoin. It must be said that the rapprochement of such a ratio was predictable, especially in the context of speculation around the potential approval of Ethereum Spot ETFs.
More generally, the current dynamism of the Ethereum platform seems to be a confluence of several factors. In this case, the transition to a consensus mechanism by proof of stake with “The Merge” in September 2022. But also, the emergence of layer 2 scaling solutions in 2023. All this validating the Ethereum modular strategy. With the arrival of the Dencun upgrade, a new surge is not excluded.
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