The Ethereum Network ultimately made the move to proof-of-stake on Thursday, September 15, 2022, eliminating the proof-of-work mining model. With the blockchain now using 99.95% less energy than it did before, the development ushers in a more environmentally friendly era in the crypto sphere.
Long into the development, the improvement was eagerly anticipated. The network was frequently held accountable for the effects it had on the environment. That will probably stop as a result of the merge.
The change has made it difficult for miners since validators have taken their positions. Many people ultimately looked for other mineable currencies, such as ETC.
But ETH didn’t fare well in terms of price post-merge.
Ethereum dips post-merge
It created a large hourly one after printing two little red candles. At the time of writing, Ethereum has dropped from $1,636 to $1,473 overall, or more than 6.95%.
Earlier today, Capriole Investments fund creator Charles Edwards tweeted that the Merge is being referred to as a sell-the-news event by many. Given that he considers the Merge to be an “Ethereum halving” event, he hoped it wouldn’t take place. With the switch to the proof-of-stake protocol, the supply of ETH will grow considerably more slowly.
The CIO of Moskovski Capital, however, thinks that the current price decline is the result of traders selling the news of the ETH Merge. However, a lot of industry professionals think that “ETH is severely underpriced.
At the time of writing, Ethereum is trading at $1473, a 6.89% drop in the last 24 hours. The slumping of the market began after a slight recovery that the market was displaying. As the CPI numbers were out, it triggered the market to expect a higher interest rate hike.
ETH is also 13.6% down in the last 7 days. But it will probably have a positive price outcome in the long term.