Here is an overview of possible new trends that will drive the crypto market in the post-merger era.

The Ethereum confluence has come and gone, leaving investors wondering what the next trending development in the market might look like. On Cointelegraph Twitter Space with Capriole Fund founder Charles Edwards, the analyst mentioned that the excitement about the Ethereum consolidation and bullish price action is somewhat promising for the market. Now that this has happened, the cryptocurrency market has started selling and bitcoin has
BTC

tick Tock
$16,489

price is trading below $20,000 and ether
Ethereum

tick Tock
1217 dollars

Less than $1500.

Eventually, new narratives and market trends will emerge, and if the fundamentals are right, traders will switch funds as these new leaders emerge.

Let’s look at a few possible trends.

Where will ex-ETH miners go?
The Ethereum network has successfully transitioned to a Proof-of-Stake (PoS) model; this means that miners do not spend their money but can still have GPU and ASIC mining infrastructures. It is possible that some miners choose to mine on another network instead of selling their hardware.

While they haven’t decided on a specific chain yet, Ravencoin, Flux, Ethereum Classic and Ergo seem to be in the lead. Prior to the merger, the hashrate on each network hit an all-time high as shown below.

ETC hash rate. Source: 2Miners

ERG hash rate. Source: 2Miners

Hashrate RVN. Source: 2Miners

FLUX hash rate. Source: 2Miners
Prices for each altcoin also increased last month, with Ravencoin (RVN) 169%, Ergo (ERG) 132%, Flux (ZelCash) 156% and Ethereum Classic.
ETC

tick Tock
$19.74

increased 135% in the last 90 days.

Interestingly, the hash rate and price dropped on September 15, and at the time of writing only ZelCash and RVN seem to be recovering. In the coming weeks and months, it will be interesting to see which network miners can choose as their new home and how this will affect the price of the cryptocurrency.

Space continues to expand
The Cosmos ecosystem continues to expand, which seems to attract buyers to Cosmos.
ATOM

tick Tock
$10.15

. Since dropping to $5.50 on June 18, ATOM’s price has increased by 137.5% and is currently trading above $16. The analysis shows that investors see the upcoming liquid staking launch, the use of ATOM as collateral to issue stablecoins, the launch of Cosmos Hub 2.0, and the possible recovery of decentralized finance (DeFi) in general as long-term factors for bullishness. The price of ATOM. .

Will you buy the rumors and sell the news, or will you buy the drop?
While the current ETH price action is less optimistic than consolidation advocates and ETH bulls hoped, the actual transition to PoS appears to have been successful and perhaps over time the benefits of PoS will translate into bullish ETH price action. According to Jarvis Labs co-founder Ben Lilly, “Joe Cool’s move” for ETH investors is not “to focus on the days ahead”. The main player who is likely to engage in crazy activity is the miner. And this is a one-time event that should be short-lived.”

Lilly explained this:

“The Joe Cool movement is sitting around buying gooey moves. Then sit down and calm down.”
In the future, Ether could experience a supply shock and possibly become deflationary. Staking further secures the network and also provides a guaranteed return on invested assets. In a market stuck in a downtrend, it may be more attractive to provide safe and predictable returns.

Essentially, Lilly suggests that it will take time for the heat around the merger to subside and for investors to start reaping the benefits offered by the Ethereum PoS network.

What about Bitcoin?
In my bitcoin analysis this week, I mentioned that not much has changed in bitcoin price. Its price has been stuck in a range between $17,600 and $24,400 for the past three months, and all rallies outside of every higher range since March 29 have been capped by the 200-day moving average and the upper resistance trendline extending from bitcoin. The all-time high in November 2021 is $69,400.

Source: CoinTelegraph

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