#CryptoCPIWatch Ethereum Update

Another possible reason for the rise in the price of Ethereum could have been the Pectra update, which took place in early May and may lead to institutional demand.

"The Pectra update went smoothly, which increased confidence in Ethereum's ability to scale and paved the way for further institutional adoption," said Sean Dawson, head of research at Derive, a company focused on insurance in the decentralized finance sector.