Ethereum (ETH) has experienced a remarkable surge in the cryptocurrency market, surpassing $2,200 USD and reaching a current price of $2,375.48 USD, with a 22% increase in the last 24 hours. This momentum is attributed to several key factors:

Pectra Update: Implemented on May 7, this update introduced significant improvements to the Ethereum network, including smart contract functionality in wallets, simplifying their use and recovery.

Increase in Total Value Locked (TVL): The TVL in Ethereum has increased by 41% in the last month, reaching $52.8 billion, indicating growth in network activity.

Increase in Daily Transactions: Daily transactions have risen by 22%, reflecting greater adoption and use of the network.