For me, it's all in hands of Bitcoin right now. With this kind of market, most of everything are correlate with Bitcoin especially the other top market cap altcoins like Ethereum.
At first, I thought the post The Merge event will really affect Ethereum but nothing happens, it was only hype at beginning and dump after the big event happened on Ethereum.
Agree. It depends on the Bitcoin trend. If Bitcoin continues to drop its price, ETH seems to follow it. Just check the patterns of Bitcoin and Ethereum price charts, they are almost the same.
Source:
https://www.coingecko.com/As long as Bitcoin is decreasing its price, I see no chance that Ethereum will rise its price. Except if there is big news or event again, it may bring an impact although the impact may be not so significant.