Despite Ether (ETH) rallying by 15% in the last two weeks, ETH price has struggled to continue its momentum this week with a period of consolidation between $2,700 and $2,600.
The largest altcoin currently has a $316 billion market cap and has facilitated over $15.7 billion in trading volume over the past 24 hours.
SEC delays Ether ETF options decision to November
According to a filing released on Sept. 24, the US Securities and Exchange Commission (SEC) announced a delay in its decision to approve options trading for spot Ethereum ETFs.
Source: US Securities and Exchange Commission
The decision regarding its approval was initially expected by Sept. 26-27, but the regulatory body has currently extended its review period to Nov. 10-11 under Section 19(b) (2) of the Securities Exchange Act.
The decision to delay Ethereum ETF options came four days after the SEC approved options trading for the iShares Bitcoin Trust (IBIT) on Nasdaq.
This cautious approach mirrors the SEC’s recent approval of options for BlackRock’s IBIT after an eight-month review, addressing concerns about market manipulation and regulatory risks.
Polymarket doesn’t see new Ethereum ATH in 2024
Following the SEC announcement, the betting odds for an Ethereum all-time high substantially changed at Polymarket.
According to the world’s largest prediction market, the current odds of Ether missing out on a new all-time high (ATH) in 2024 is 85%, compared to 71% a week ago.
Only 14% placed bets for a new ATH outcome, and less than 1% had unrealistic hopes for a new ATH within the next five days.
Related: Vitalik tells Ethereum L2s ‘Stage 1 or GTFO’ — Who makes the cut?
Interestingly, the 1% of traders who hoped for a Q3 ATH had the higher overall betting value with $1.23 million, followed by a $1.07 million collective bet by the 85% of “No ATH in 2024” group.
Ethereum all-time high prediction odds. Source: Polymarket
Ether price flatlines at $2,600-$2,700
After reaching a recent high of $2,702 on Monday, Ethereum has remained sideways over the past 48 hours, indicating a potential period of distribution between buyers and sellers.
Ethereum 6-hour chart. Source: TradingView
With prices moving by 14% since Sept. 15, traders are expected to take profits around this range before a potential flush down to liquidity lows at $2,500.
Profit-taking can be inferred from the relative strength index (RSI) reaching an overbought region above 70, which means short-term selling pressure could increase in the next few days.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.