Ethereum

2024

Despite Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow" target="null" text="null" title="https://cointelegraph.com/ethereum-price">ETH</a>) 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.
<h2 id="sec-delays-ether-etf-options-decision-to-november">SEC delays Ether ETF options decision to November</h2>
According to a <a data-ct-non-breakable="null" href="https://www.sec.gov/files/rules/sro/ise/2024/34-101154.pdf" rel="noopener noreferrer nofollow" target="null" text="null" title="https://www.sec.gov/files/rules/sro/ise/2024/34-101154.pdf">filing</a> 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.
<figure><img alt="85% on Polymarket betting Ethereum won’t see new all-time high by 2025&nbsp;" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0192285e-3be9-7aeb-bcad-728cc2c01d45">
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 Source: US Securities and Exchange Commission
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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 <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sec-options-blackrock-spot-bitcoin-etf" rel="noopener noreferrer nofollow" target="null" text="null" title="https://cointelegraph.com/news/sec-options-blackrock-spot-bitcoin-etf">approved</a> 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.
<h2 id="polymarket-doesn-t-see-new-ethereum-ath-in-2024">Polymarket doesn’t see new Ethereum ATH in 2024</h2>
Following the SEC announcement, the betting odds for an Ethereum all-time high substantially changed at Polymarket.
According to <a data-ct-non-breakable="null" href="https://polymarket.com/event/ethereum-all-time-high-wen?tid=1727251580402" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://polymarket.com/event/ethereum-all-time-high-wen?tid=1727251580402">the world’s largest prediction market,</a> 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: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/vitalik-eth-l2s-stage-1-scalability-security" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Vitalik tells Ethereum L2s ‘Stage 1 or GTFO’ — Who makes the cut?</a>
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.
<figure><img alt="85% on Polymarket betting Ethereum won’t see new all-time high by 2025&nbsp;" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01922837-cd59-7e07-9311-5722aad154f5">
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 Ethereum all-time high prediction odds. Source: Polymarket
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<h2 id="ether-price-flatlines-at-2-600-2-700">Ether price flatlines at $2,600-$2,700</h2>
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.
<figure><img alt="85% on Polymarket betting Ethereum won’t see new all-time high by 2025&nbsp;" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0192286d-fa5f-777b-80f0-c99be16f16cb">
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 Ethereum 6-hour chart. Source: TradingView
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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.

85% on Polymarket betting Ethereum won’t see new all-time high by 2025

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