More than a day has passed since the merge and there hasn't been any spike as many would expect and can see the price of ethereum has also dropped but not due to dumping occurring. The market is falling but very slow and tug-of-war, I just checked the price of ethereum, it's only down about 10% since the merger was successful.
It is really hard to predict the market, for those who have sold before it is also very difficult to decide to buy now because the price drop is negligible and now is not a good price to sell. Neither long nor short can profit from this event.