Happy Merge Fails to trigger Ethereum Rally to $2,000.

As of Thursday, September 15, Ethereum has finally become a “proof-of-stake protocol” following the much-awaited Merge.

Ethereum price may reverse the trend to the upside if support at $1,500 stays intact. Ethereum price is fighting to find footing after slipping below $1,600. The last few days have seen the newest proof-of-stake crypto asset lose at least 16% of its value due to intensifying external economic forces.

Declines are likely to stretch beneath $1,500 despite Ethereum activating the Merge earlier on Thursday. The Ethereum community is celebrating a successful transition from a “proof-of-work” (PoW) to a “proof-of-stake” consensus in a process broadly known as “the Merge”.

At around 6.44 am UTC, the Total Terminal Difficulty (TTD) for the software upgrade was initiated on the PoW chain. TTD refers to the measure of the difficulty in processing a block of transactions. According to The Block, the major epoch was completed at 6.59 am, marking a key development in the Merge process.