How sustainable is Ethereum Classic after Ethereum Merge?

Ethereum Classic saw a 280% rise in hash rate after Ethereum Merge
The cryptocurrency surged after the Ethereum Merge but has since retraced
ETC lacks a directional bias as price slides
Ethereum finally completed a successful move from a Proof-of-Work blockchain to Proof-of-Stake. Immediately after the shift, tokens of PoW platforms such as Ethereum Classic ETC/USD rose. The cryptocurrency has since retreated with losses of 5.28% in the last 24 hours. Does that indicate a lack of sustainability