Originally published on: September 25, 2024
Despite a recent 15% rally, Ethereum’s price has hit a roadblock this week, hovering between $2,700 and $2,600 as it struggles to maintain momentum. With a market cap of $316 billion and trading volume exceeding $15.7 billion in the past 24 hours, Ethereum faces regulatory delays from the SEC regarding options trading for spot Ethereum ETFs.
The SEC has extended its review period for Ethereum ETF options to November 10-11 due to regulatory concerns, following the approval of options trading for the iShares Bitcoin Trust (IBIT). This cautious approach has caused a shift in betting odds on Polymarket, the world’s largest prediction market.
The current odds of Ethereum hitting a new all-time high (ATH) by 2025 now stand at 85%, a significant increase from 71% a week ago. Only 14% of bets are in favor of a new ATH, with less than 1% expecting it within five days. Despite the optimistic 1%, the majority of betting value lies in the 85% group projecting no new ATH by 2025.
Ethereum’s recent price movements suggest a period of consolidation, with potential profit-taking by traders expected around the current range before a possible drop to $2,500. The RSI indicator signals an overbought market, hinting at increased selling pressure in the short term.
As always, this article does not provide investment advice; readers should conduct their research before making any decisions involving their investments.
