In a bullish turn of events, the price of Ethereum, the second-largest cryptocurrency by market capitalization, has surged by more than 6% over the past 24 hours, signaling renewed investor interest in the digital asset.

As per data provided by CoinGecko, ETH is currently trading at $3,320 on major spot exchanges, marking a significant uptick in value within a short timeframe. Despite Bitcoin's dominance hovering slightly above the 50% threshold, Ethereum's robust performance has captured the attention of market participants.

The ETH/BTC pair, a crucial indicator of Ethereum's comparative strength against Bitcoin, currently sits at 0.051 BTC, experiencing a notable increase of nearly 13% over the past two weeks. However, it remains down by 15% from its peak of 0.061 BTC attained on January 12, 2024, reflecting the market's evolving dynamics.

Navigating Resistance:

Ethereum's upward trajectory encounters a major hurdle as it approaches a key horizontal resistance level at $3,300, according to insights from the 100eyes Crypto Scanner account. Previous attempts to breach this resistance on April 24 were met with significant corrections, highlighting the significance of this price point for ETH's price action.

Legal and Regulatory Challenges:

Despite Ethereum's price resurgence, the landscape is fraught with legal battles and regulatory uncertainties that could potentially dampen investor sentiment. Consensys, a pivotal supporter of the Ethereum network, finds itself embroiled in a legal dispute with the U.S. Securities and Exchange Commission (SEC) following a Wells notice issued by the regulator.

The SEC's alleged intention to classify Ethereum as a security has prompted Consensys to mount a legal defense, enlisting top-tier legal representation from Manhattan-based firm Watchtell. This development signals the brewing of another contentious legal showdown within the cryptocurrency industry.

Furthermore, market analysts speculate that the SEC's stance on Ethereum could spark additional friction, potentially leading to a lawsuit from Grayscale over the regulator's refusal to greenlight a series of spot Ethereum exchange-traded funds (ETFs) slated for May approval.

Amidst these legal and regulatory headwinds, Ethereum's resilience is put to the test, with investors closely monitoring developments to gauge the digital asset's long-term viability and regulatory compliance. As the legal saga unfolds, Ethereum's price performance remains intricately intertwined with the outcome of these high-stakes legal battles, shaping the future trajectory of the cryptocurrency ecosystem.