At block 15537391, which is just after 2:30 a.m. Ether or 5:30 a.m. GMT, the switch from Proof of Work to Proof of Stake was successfully made.
The price of Ether changed by less than 1% in the first few minutes after the merge, going from $1,604 to $1,605. It stayed pretty much the same during the Asia trading day.
In the two weeks before the Merge, the price of ether went up by 4%, but it is still 15.5% less than a month ago.
Ethereum Classic, on the other hand, is down 2% to $36.34
Vitalik Buterin, the founder of Ethereum, was quoted on the Bankless podcast as saying, “It’s not going to be priced in until pretty much after it happens.” However, traders didn’t seem to agree with Buterin.
“Many people think that the Merge could speed up or lower the price of Ethereum. It’s not like that. Will Harborne, the founder and CEO of the rhino.fi protocol, said that end users and developers shouldn’t be able to tell the difference between Ethereum before and after the merge.
EtherNodes says that, right before the event, 88% of ether nodes were ready for Merge and in sync. 12 percent, or 305 nodes, seemed to be resistant to the change, and most of them were from the Geth network.
Even though the Merge didn’t have a big effect on the price of Ether, on-chain data shows that $1.2 billion came into exchanges, which was reported in a news letter.
Steep exchange inflow is usually a sign that traders are getting ready to sell, but there isn’t a general agreement on this yet. It could be investors hedging their bets or people getting ready to get free tokens from the EthereumPoW fork.
“If this had happened last year, we’d already be at $8,000,” said March Zheng, a partner at Bizantine Capital in Shanghai. He said this on WeChat. “But the basics couldn’t be more solid.”
