On September 22nd, CME Group announced the launch of Uniswap (UNI) Futures on October 19th, alongside Bitcoin Cash futures. However, the news failed to spark a price rally for the governance token.
In the 24 hours following the announcement, UNI declined by 1.24%, tracking closely with Bitcoin's 1.26% decline. Over the preceding week, UNI had oscillated between $6.80 and $7.80, establishing a short-term trading range.
Seller Pressure in Derivatives Markets
The Futures Taker CVD (90-day) metric, which measures cumulative volume differences between market buy and sell orders, showed taker-sell dominance since the announcement date, alongside decreased trading volume. This indicated aggressive sellers controlling the derivatives market for Uniswap.
The 1-day price chart revealed a strongly bullish swing structure that extended from $3.17 in August to $10.94 in September. Since reaching that peak, UNI entered a retracement phase. Fibonacci retracement levels identified $6.14 and $4.83 as potential support targets in case of sustained correction.
Near-Term Price Levels
The $6.80 local support zone has been defended throughout the retracement period. Over the past ten days, UNI traded within a descending channel pattern, with the price recently testing mid-channel support and reacting positively.
The $6.65-$6.70 area represented an important short-term demand zone heading into the weekend. Uniswap v4 had processed $44 billion in 30-day trading volume, indicating underlying protocol activity recovery despite the near-term price weakness.
