The Ethereum network successfully completed its long-anticipated Merge on September 15th at 13:46 UTC, transitioning from Proof-of-Work (PoW) to Proof-of-Stake (PoS). While the crypto community celebrated this historic milestone, the secondary markets told a different story—with ETH prices plummeting over 20% post-merge.
Key Market Reactions After the Merge
1. ETH Price Struggles at $1,300: DeFi Liquidation Risks Emerge
- Price Action: ETH dropped below $1,300 (-10% daily), erasing July gains. Total crypto market cap fell under $1 trillion.
Trading Volume:
Period ETH Trading Volume (7D MA) Notes Pre-Merge $181B Institutional-led surge (56%) Post-Merge $286B FTX.US dominated 43% of volume - Macro Factors: Higher-than-expected U.S. CPI (8.3%) and Fed rate hikes exacerbated sell pressure.
Liquidation Alerts:
- $430M MakerDAO vault at risk if ETH hits $1,284.68
- $165M total ETH liquidations (85% long positions)
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2. ETC Network: Hashrate Drops 40%, Price Loses Key Support
- Hashrate: Peaked at 311 TH/s pre-merge → currently 186 TH/s (-40%)
Price Trend:
- July rally: +240% ($13 → $45)
- Current: $28 (below critical $30 support)
3. ETHW Fork Collapse: 90% Price Crash + Security Breaches
- Price: $51 → $5.34 (-90%) post-mainnet launch
Issues:
- Chain ID configuration errors
- $200K bridge exploit (BlockSec reported)
- Hashrate: 80 TH/s → 29 TH/s (-63%)
What's Next for Ethereum? The Shanghai Upgrade
Key Focus Areas:
- Staked ETH Withdrawals: Enabling retrieval of locked ETH ($21B currently staked)
- Timeline: Expected 2023 (not 2022)
Price Implications:
- 70% staked ETH bought above $1,700 (Nansen data)
- Potential 30%+ upside needed for profitable exits
FAQs: Ethereum Merge Consequences
Q: Why did ETH price drop after the Merge?
A: Profit-taking post-event, macro pressures (CPI/Fed), and leveraged long liquidations created downward momentum.
Q: Is ETC still viable for PoW miners?
A: Short-term hashrate suggests declining interest—only 40% of pre-merge mining activity remains.
Q: When can stakers withdraw ETH?
A: The Shanghai upgrade (2023) will likely enable withdrawals, but exact timing depends on developer consensus.
Q: How does the Merge impact gas fees?
A: The Merge didn't reduce fees—that's planned for future upgrades like Proto-Danksharding.
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Disclaimer: Crypto markets are volatile. Conduct your own research before investing.
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