Ethereum (ETH) Continues to Outperform Bitcoin (BTC) with 6% Price Surge
The price of Ethereum (ETH), the leading altcoin, has experienced a remarkable surge of over 6% in the past 24 hours. CoinGecko’s data reveals that ETH is currently being traded at $3,320 across major spot exchanges. This surge in price has contributed to Bitcoin’s dominance currently standing slightly above the 50% mark.
The ETH/BTC pair is currently at 0.051 BTC, reaching a peak of 0.052 BTC earlier today. Over the past two weeks alone, the pair has witnessed an impressive 13% increase. It is worth mentioning, however, that the pair is still down 15% from its highest point in 2024, which was achieved on January 12th at 0.061 BTC.
The $3,300 level has emerged as a significant resistance point for Ethereum. Chart analysis from the 100eyes Crypto Scanner suggests that the second-largest cryptocurrency is currently approaching this key horizontal resistance level. In late April, Ethereum came close to surpassing this level but faced a significant correction.
Interestingly, Ethereum’s price surge comes at a time when Consensys, a major supporter of the Ethereum network, has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) after receiving a Wells notice from the regulatory body. The SEC’s attempt to classify Ethereum as a security and expand its jurisdiction is being challenged by Consensys through legal means. With notable legal experts from Watchtell, a Manhattan-based law firm, on board, the industry anticipates an upcoming contentious legal battle.
Furthermore, speculations suggest that the SEC might face another lawsuit from Grayscale over its refusal to approve several spot Ethereum exchange-traded funds (ETFs) in May. This potential legal action could add further complexity to the regulatory landscape surrounding Ethereum.
Despite these headwinds, Ethereum’s price continues to outperform Bitcoin, demonstrating its resilience and growing investor confidence in the network’s potential.