We are nearly one week post-Ethereum Merge, one of the biggest changes in the history of the blockchain. The merge notably made the shift from a PoW to a PoS system, changing the way ETH is gathered in favor of more sustainability.
Before the Merge, hype grew tenfold for ETH. Many investors saw the event as a potential boom for the coin. Others, on the other hand, saw the Merge as a “buy the hype, sell the event.” Ultimately, right after the merge, Ethereum’s value plummeted to its lowest in months. Here’s how ETH is performing one week after shifting to PoS.
How Has Ethereum Performed One Week Post-Merge?
The night before the Merge, Ethereum was sitting as high as $1,657.2 USD, according to CoinMarketCap. As of writing, ETH is now at $1,289.42, a nearly $500 loss for holders.
Reactions have been generally negative about Ethereum’s drop in price over the past week, with some users criticizing ETH developers’ decision to shift to PoS. User TruthHurts-LiesKill on CoinMarketCap is one of those bashing ETH.
“$ETH underestimated what losing 75% of their biggest asset would do. Miners were the champions, now kicked to the curb,” the user says.
In addition, much of the crypto market is now split about other blockchains shifting to PoS. The previously polarizing debate now seems even more diving with the current state of Ethereum. While the energy consumption of Ethereum has made a record drop, some users, like TruthHurts-LiesKill, question if the drop is worth the price drop and putting miners out of a job.