The Ethereum Merge was a successful event but did not positively impact the price. Institutions choose to move to the sidelines and have a ‘Wait-And-See’ attitude towards it. With Ethereum’s improved scalability claims and new consensus mechanism, it may just replace Bitcoin to become the market favourite.
However, its regulatory uncertainty acts as an obstacle. U.S. SEC Chair Gary Gensler stated that the proof-of-stake cryptocurrencies may be viewed as securities; his comments caused a plunge in Ether’s price on Thursday.
The Ether price has doubled in value since the launch of the Beacon Chain in 2020. Prices can move totally based on retail interest, which is why nothing can be said regarding institutional interest.