You should not just expect ethereum to only increase after the merge. Before that, there were mixed opinions, some people thought that it would go up to 2k1 $ or higher, but there were also investors who thought that it would lose value right after the merger. Just because it doesn't grow as you expect, you shouldn't jump to the conclusion that it's outdated.
Before the merge, we also saw the market drop because of the news related to the CPI so it is difficult for ethereum to have a chance to shine in its big event. It's a pity but I believe ethereum won't stay silent forever, let's wait and see.
Later the price of ethereum will rise to $ 2k, but for now, it looks like ethereum will have to wait again because the price of bitcoin itself is unstable and still changes frequently. This makes the merger run without any significant price changes. And as ethereum investors, we should not panic and keep waiting because the price of ethereum can increase at any time.
A declining market causes the prices of many coins to decrease, and we can do nothing but try to take advantage of all of that. We'd better stay patient until everything changes, and when that changes, the number of coins will definitely increase, and the price of ethereum will also increase.