Although the price of Ether (ETH) has increased by 15% over the past two weeks, this week ETH price has struggled to maintain its bullish momentum, with an accumulation phase in the range of $2,700 to $2,600.
Currently, the largest altcoin by market capitalization has reached $316 billion and recorded a trading volume of up to $15.7 billion in the past 24 hours alone.
SEC Delays Decision on Ethereum Spot ETF Options to November
The U.S. Securities and Exchange Commission (SEC) has extended its review period for approving options trading for an Ethereum spot ETF, according to a filing published on September 24.
The decision, originally scheduled to be announced on September 26-27, has now been pushed back to November 10-11 under Section 19(b)(2) of the Securities Act.
The SEC’s delay in approving Ethereum ETF options comes just four days after the agency approved trading of options for the iShares Bitcoin Trust (IBIT) on Nasdaq.
The cautious move reflects the SEC's approach, having previously approved BlackRock's IBIT option after an eight-month review that addressed concerns about market manipulation and regulatory risks.
Polymarket Predicts No New ATH for Ethereum in 2024
Following the SEC announcement, the odds on Ethereum reaching a new all-time high (ATH) have changed significantly on Polymarket.
According to predictions from this market, there is now an 85% chance that Ether will not reach a new ATH in 2024, up from the 71% recorded just a week ago.
Only 16% of bettors believe Ethereum will hit a new high in Q4, and less than 1% think a new ATH will be reached within the next five days.
Ethereum All-Time High Prediction Odds | Source: Polymarket
Notably, the 1% of traders expecting an ATH in Q3 had a higher bet value, totaling $1.23 million, compared to the $1.07 million bet from the 85% group predicting “no ATH in 2024.”
ETH Price Continues to Fluctuate Around $2,600-$2,700
After hitting a recent high of $2,702 earlier this week, Ethereum price has been trading sideways over the past 48 hours, suggesting the market is likely in a distribution phase between buyers and sellers.
With a 14% increase since September 15, many traders may be taking profits around this price zone before the market possibly drops to lower liquidity levels at $2,500.
Ethereum 6-hour chart | Source: TradingView
Profit-taking pressure can be inferred by the relative strength index (RSI) being in the overbought zone above 70, which suggests that short-term selling pressure is likely to increase in the coming days.
Source: https://tapchibitcoin.io/85-tren-polymarket-dat-cuoc-ethereum-se-khong-dat-muc-ath-truoc-2025.html
