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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