The second-largest cryptocurrency, Ethereum, has seen a price increase of nearly 6% in the last day.
Based on data from CoinGecko, ETH is presently trading at $3,320 on major spot markets.
At present, the dominance of Bitcoin is somewhat more than 50%.
The exchange rate between ETH and BTC is now at 0.051 BTC, having peaked at 0.052 BTC earlier in the day. Now, the pair has increased by around 13% just in the last two weeks. Still, the pair has lost 15% of its 2024 top, which was reached on January 12 at 0.061 BTC.
A major resistance level
As to the data from the 100eyes Crypto Scanner account, the second-largest cryptocurrency is currently getting close to a significant horizontal resistance level, which is at $3,300.
On April 24, the biggest cryptocurrency nearly crossed above this barrier level. This endeavour did, however, lead to a noteworthy adjustment.
Major headwinds
Despite Consensys, the main supporter of the second-largest cryptocurrency network, recently suing the U.S. Securities and Exchange Commission after getting a Wells notice from the agency, Ethereum’s price rebounded.
The company claims that by designating the leading cryptocurrency as a security, the SEC intends to broaden its purview.
As a result of Consensys’s recent hiring of top attorneys from Manhattan-based firm Watchtell, the legal landscape is poised for another bitter court dispute.
Furthermore, some experts think that Grayscale may file a new lawsuit against the SEC for rejecting a number of Ethereum ETFs on the spot in May.
