According to 
ProgPoW is an ASIC-resistant PoW algorithm meant to replace ETHhash, the current hashing algorithm for the platform. First mooted two years ago, it suddenly reemerged as a concrete plan set for the middle of this year following a call of core developers on February 21.
source
There was a petition on Github on Feb. 26 to register their disapproval with the decision. It's somehow weird they need github to make such discussions, at least looking from the perspective of steem where basically every discussion is stored on blockchain remaiming fully transparent.
"Because Ethereum is a global platform with a large and diverse group of stakeholders, it is critical that major changes to the protocol have a clear purpose and broad support. EIP-1057 clearly lacks that support, yet activation is still being considered."
This was a response from the community in regards to further actions. It seems that the idea of Prog POW should bridge the gap between two eth shapes and make a transition smoother once eth goes fully Proof Of stake. It's a shame we don't have eth community around this place, especially since communities are already ouf for a week.
Eth is down 3.71% as we speak, but i highly doubt it has anything to do with this dissaproval. Market is trading sideways and the sentiment is still on the edge. Looking forward seein what'll happen in an upcoming months.
2020 has already proven itself to be a big year for blockchain tech and crypto industry in general, and fuck it's been only two months and theres ten more to come. Keep 'em comin'.