the merge was indeed gets anticipated by many of eth fans, even though the rumour was definitely gives more impact in value of eth, I think the reason eth is instead losing its value after the merge is that it's the same reasoning like when btc halving occuring, the rumour of halving could increase the value meanwhile right at the halving event the value is decreasing instead. the rumour is already making the merge seems normal added with the fact that after the merge nothing significant truly occurred.