Ethereum (ETH) Crushing Bitcoin (BTC) with 6% Price Spike

Sun, 04/28/2024 - 07:52
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The price of Ethereum, the second-largest cryptocurrency, has surged more than 6% over the past 24 hours. 

ETH is currently trading at $3,320 on major spot exchanges, according to data provided by CoinGecko

Bitcoin's dominance is currently sitting slightly above the 50% level.

The ETH/BTC pair is currency sitting at 0.051 BTC after peaking at 0.052 BTC earlier today. The pair is now up nearly 13% over the past two weeks alone. However, the pair is still down 15% from its 2024 peak of 0.061 BTC that was achieved on Jan. 12. 

A major resistance level 

According to the 100eyes Crypto Scanner account, the second-largest cryptocurrency has now approached a key horizontal resistance at the $3,300 level. 

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The largest altcoin came close to surpassing this resistance level on Apr. 24. However, this attempt resulted in a significant correction.   

Major headwinds    

Ethereum's price recovery came despite the fact that Consensys, the key backer of the second-largest cryptocurrency network, recently sued the U.S. Securities and Exchange Commission after receiving a Wells notice from the regulator. 

The SEC wants to expand its jurisdiction by classifying the flagship altcoin as a security, the firm alleges. 

Consensys has already hired some of the best lawyers from Manhattan-based firm Watchtell, meaning that the industry is about to witness another contentious legal battle. 

Moreover, some analysts believe that the SEC could potentially face another lawsuit from Grayscale over its refusal to approve a slew of spot Ethereum ETFs in May.