Post merge effect on Ethereum

“Since the merge, Ether (ETH) is down 17% in USD and down 13% compared to BTC, with ETHBTC currently trading at 0.07. ETH has found support at 0.07 ETHBTC, which represents the average ETHBTC price over the last 365 days.”

What’s happened and if eth lose it value, which coin would you choose to be the “New ETH”?