Since Uniswap is built on the Ethereum platform, the two are linked. Ethereum is an open-source platform for dApps, not just Uniswap. To better understand price movements with Uniswap, a clear understanding of DEXs is necessary. With Uniswap, there is no reliance on buyer/seller liquidity, since the Decentralized Exchanges can swap tokens freely. The Uniswap equation balances out prices. Movements in Ethereum tend to correlate strongly with price movements in other digital currencies on the platform. The 3-month correlation coefficient between Uniswap & Ethereum (May 2021) was 0.67. In essence, prices do tend to move together.