Despite Ethereum (ETH) gaining 15% over the past two weeks, the price of ETH struggled to maintain momentum this week, consolidating between $2,700 and $2,600.
The largest altcoin currently has a market cap of $316 billion, with a trading volume of over $15.7 billion over the last 24 hours.
SEC Delays 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 is delaying its decision on approving options trading for a spot Ethereum ETF.
Source: U.S. Securities and Exchange Commission
A decision on the approval was originally expected by September 26-27, but the regulator has now extended the review period to November 10-11 under Section 19(b)(2) of the Securities Exchange Act.
The decision to delay the launch of Ethereum ETF options comes just four days after the SEC approved options trading on the iShares Bitcoin Trust (IBIT) on Nasdaq.
This cautious approach is similar to the SEC’s recent approval of BlackRock’s IBIT options after an eight-month review, aimed at addressing concerns about market manipulation and regulatory risks.
Polymarket does not see new Ethereum ATH in 2024.
Following the SEC announcement, Polymarkets has seen a significant shift in betting odds for Ethereum to hit an all-time high.
According to the world’s largest prediction market, there is now an 85% chance that Ethereum will not hit a new all-time high (ATH) in 2024, up 71% from a week ago.
Only 14% bet on a new ATH outcome, and less than 1% had an unrealistic expectation that a new ATH would occur within the next 5 days.
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What’s interesting is that the 1% of traders who expected a Q3 ATH had a higher total bet value of $1.23 million, while 85% of the “no ATH in 2024” group had a total bet of $1.07 million.
Ethereum All-Time Highest Prediction Probability. Source: Polymarket
Ether price stagnates at $2,600-$2,700
Ethereum has been trading sideways for the past 48 hours since hitting a recent high of $2,702 on Monday, suggesting a period of divergence between buyers and sellers.
Ethereum 6-hour chart. Source: TradingView
Since the price has moved 14% since September 15, traders are expected to take profits within this range before a drop to the liquidity low of $2,500.
When the Relative Strength Index (RSI) reaches over 70, which is the overbought zone, it can be assumed that profit taking has taken place, which means that short-term selling pressure may increase in the coming days.
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.