Ethereum (ETH) has fallen below $1,600, dropping 6.78% over the past 24 hours.
The second-largest cryptocurrency is now changing hands at around $1,575 apiece.
The current trading price is 67% down from its all-time high of $4,891 recorded in November 2021.
Ethereum’s fall may be attributed to growing concerns regarding the future of Ethereum and its miners following the merge.
The event is expected to occur in September.
Currently, Ethereum leverages the same consensus model as Bitcoin.
The model requires miners to run non-stop in order to verify transactions and maintain the network’s security.
The merge event will shift from this consensus model to a greener version called proof-of-stake.
The change also means that miners will no longer maintain the network, but validators.
Instead of purchasing farms of machines to validate transactions, users can stake 32 Ethereum to become a validator on the upgraded network. Validators earn a yield for their work, but can also lose money if they behave fraudulently.
Following Ethereum, the leading cryptocurrency, Bitcoin (BTC), is trading on the bearish side, losing 2.46% of its value over the past 24 hours.
Bitcoin trades for around $22,767, according to data from CoinMarketCap.