Is Ethereum proof of work now?

As a keen observer of the cryptocurrency landscape, I'm curious to know the current consensus mechanism powering Ethereum. Is Ethereum still utilizing Proof of Work, or has it transitioned to a different approach such as Proof of Stake? This question is pivotal in understanding the network's scalability, energy efficiency, and overall security. Given the recent advancements in the crypto space, it's crucial to stay updated on such technical details. Clarifying this point will help me better assess Ethereum's position in the evolving blockchain ecosystem.