Ethereum

2024

Bitcoin

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The price of&nbsp;<a href="https://u.today/ethereum-eth-trading-volume-delivers-worrying-signal-at-3000" rel="noopener noreferrer nofollow">Ethereum</a>, the second-largest cryptocurrency, has surged more than 6% over the past 24 hours.&nbsp;
ETH is currently trading at $3,320 on major spot exchanges, according to data provided by&nbsp;<a href="https://www.coingecko.com/en/coins/ethereum" rel="noopener noreferrer nofollow">CoinGecko</a>.&nbsp;
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.&nbsp;
<h2 id="a-major-resistance-level">A major resistance level&nbsp;</h2>
According to the 100eyes Crypto Scanner account, the second-largest cryptocurrency has now approached a key horizontal resistance at the $3,300 level.&nbsp;
The largest altcoin came close to surpassing this resistance level on Apr. 24. However, this attempt resulted in a significant correction.&nbsp;&nbsp;&nbsp;
<h2 id="major-headwinds">Major headwinds&nbsp;&nbsp;&nbsp;&nbsp;</h2>
Ethereum's price recovery came despite the fact that Consensys, the key backer of the second-largest cryptocurrency network, recently&nbsp;<a href="https://u.today/ethereum-backer-consensys-takes-sec-to-court" rel="noopener noreferrer nofollow">sued</a> the U.S. Securities and Exchange Commission after receiving a Wells notice from the regulator.&nbsp;
The SEC wants to expand its jurisdiction by classifying the flagship altcoin as a security, the firm alleges.&nbsp;
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.&nbsp;
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.&nbsp;

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

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