The long-awaited ethereum merge occurred on thursday, and the network successfully upgraded to proof of stake. despite this, the price of eth has dropped by 18.5% in the last three days.

a break below $1,400, a level not seen since late july, seems imminent for the second-largest cryptocurrency by market capitalization. in the hours following the merge, traders dumped over $127m worth of eth, plummeting its price. the sec’s decision to consider proof-of-stake cryptocurrencies like eth as securities may have accelerated the pace of the sell-off.

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