SummaryThe Ethereum Merge was a success. Naturally, the price of ETH has declined by more than 20% as a result.With "The Merge" in the rearview mirror, some in the Ethereum space have turned their focus to the possibility of "the flippening."Judging by Ethereum's footprint in NFTs, DeFi, and surging address metrics, I think there is some credence to the idea ETH could be the top coin by market cap.After the core development team behind Ethereum (ETH-USD) gave a mid-September window for the timing of the long awaited change from proof-of-work to proof-of-stake, "The Merge" became the biggest narrative in crypto. ETH had a massive bounce from the June 18th crypto low, rallying over 100% by mid-August.Seeking AlphaBut crypto has largely stalled out since. While Ethereum is still well ahead of the mid-June lows and has outperformed Bitcoin (BTC-USD) considerably over that time, the action since the merge has been less than stellar with ETH now down about 20% over the last 5 days. Turns out, "The Merge" has been a big buy the rumor, sell the news event thus far. Of course, there is some macro to blame here as well with hotter than expected CPI prints last week. While the price of the token doesn't show it, the merge was a big success in a lot of ways.The success of "The Merge"Ethereum's merge from proof of work to proof of stake is significant. From a purely technological perspective, it is incredibly impressive that the developmen...
