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price of Ethereumthe second-largest cryptocurrency, has surged more than 6% in the past 24 hours.
According to the data provided, ETH is currently trading at $3,320 on major spot exchanges. CoinGecko.
Bitcoin’s dominance is currently just above the 50% level.
The ETH/BTC pair is a currency that is trading at 0.051 BTC after peaking at 0.052 BTC earlier today. The pair is currently up nearly 13% in the past two weeks alone. However, it is still down 15% from its 2024 peak of 0.061 BTC achieved on January 12th.
Key resistance levels
According to the 100eyes Crypto Scanner account, the second-largest cryptocurrency is currently approaching the major horizontal resistance level at $3,300.
The largest altcoin came close to breaking above this resistance level on April 24th. However, this attempt resulted in significant adjustments.
big headwind
Ethereum’s price recovery has been fueled by ConsenSys, the second-largest cryptocurrency network’s main backer, recently sued We filed a report with the U.S. Securities and Exchange Commission after receiving a wells notice from regulators.
The company claims that the SEC wants to expand its jurisdiction by classifying its main altcoins as securities.
ConsenSys has already hired some top lawyers from Manhattan-based Watchtel, meaning the industry is about to see another controversial legal battle.
Additionally, some analysts believe that the SEC could face another lawsuit from Grayscale over its refusal to approve a number of Spot Ethereum ETFs in May.
https://u.today/ethereum-eth-crushing-bitcoin-btc-with-6-price-spike