Recent reports show that Ethereum (ETH), the second-largest cryptocurrency in the market, has experienced a price increase exceeding 6% in the past day. The current trading value for ETH stands at $3,320 on major exchanges as per CoinGecko's data, overshadowing Bitcoin's dominance just above the 50% mark.

As of now, the ETH/BTC pair is valued at 0.051 BTC after reaching a high of 0.052 BTC earlier today, marking an impressive 13% increase in the past two weeks. Despite this, the pair remains down by 15% from its peak of 0.061 BTC in 2024, recorded on Jan. 12.

Resistance at $3,300

According to reports from the 100eyes Crypto Scanner, Ethereum is approaching a significant resistance level at $3,300. Previous attempts on Apr. 24 to break past this level resulted in a substantial correction, indicating a major challenge for further growth.

Legal Battles Ahead

The price surge in the face of legal challenges is noteworthy. Consensys, a key supporter of the Ethereum network, has taken legal action against the U.S. Securities and Exchange Commission (SEC) following regulatory concerns. The SEC's attempts to label Ethereum as a security have led to Consensys hiring top lawyers, signaling an impending legal showdown in the industry.

Additionally, discussions suggest that the SEC might encounter further opposition from Grayscale concerning the rejection of multiple spot Ethereum ETFs in May. This situation sets the stage for potential lawsuits against the regulatory body, adding an extra layer of complexity to the evolving crypto landscape.