Despite Ether (ETH) rising 15% over the past two weeks, ETH price has struggled to maintain momentum this week, going through a period of consolidation between $2,700 and $2,600.
The largest altcoin currently has a market capitalization of $316 billion and has facilitated over $15.7 billion in trading volume in the last 24 hours.
SEC Postpones Ether ETF Options Decision to November
According to a filing released on September 24, the U.S. Securities and Exchange Commission (SEC) announced that it would postpone its decision to approve options trading for the spot Ethereum ETF.
Source: U.S. Securities and Exchange Commission
The approval decision was initially expected to be made September 26-27, but the regulator extended the review period to November 10-11 under Section 19(b)(2) of the Securities Exchange Act.
The decision to postpone Ethereum ETF options comes four days after the SEC approved options trading for the iShares Bitcoin Trust (IBIT) on Nasdaq.
This cautious approach reflects the SEC’s recent approval of BlackRock’s IBIT option after an eight-month review, while addressing concerns about market manipulation and regulatory risk.
Polymarket does not see a new Ethereum ATH in 2024.
Betting odds for Ethereum all-time highs at Polymarket have changed significantly since the SEC announcement.
The odds of Ethereum missing a new all-time high (ATH) in 2024 are currently 85%, compared to 71% a week ago, according to the world’s largest prediction market.
Only 14% had bets on the new ATH outcome, and less than 1% had unrealistic hopes for a new ATH within the next five days.
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Interestingly, 1% of traders who hoped for an ATH in Q3 had a higher overall bet value of $1.23 million, while 85% of the “No ATH in 2024” group had a collective bet of $1.07 million.
Highest predicted probability in Ethereum history. Source: Polymarket
Ethereum price remains at $2,600-$2,700.
Ethereum, which reached a recent high of $2,702 on Monday, has remained trading sideways for the past 48 hours, indicating a potential selling period between buyers and sellers.
Ethereum 6-hour chart. Source: TradingView
With the price moving 14% since September 15, traders are expected to take profits from this range before liquidity falls to a low of $2,500.
Profit taking can be inferred as the Relative Strength Index (RSI) has reached overbought territory above 70, meaning short-term selling pressure may increase in the coming days.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.