At this point, that's anyone's guess. Traders have speculated that prices can go both ways, i.e. some are expecting prices to soar, while others believe the opposite will happen. What is clear is that the market outlook for ETH post-Merge is not particularly clear cut, even after accounting for the potential of a deflationary monetary policy and higher developer activity on the blockchain. ETH issuance is expected to decline by 90%, and the total token supply could potentially decrease after burning and network activity are factored in. But it's unclear how much or whether that fact is already priced into Ethereum. Additionally, things could be more complicated if existing miners fork a Proof-of-Work chain from Ethereum's mainnet. Coinbase Institutional Research examined both the bull and bear cases of Ethereum at this critical junction for the blockchain.