The U.S. Securities and Exchange Commission (SEC) has postponed its decision to approve Ethereum (ETH) options trading for spot exchange-traded funds (ETFs) until November. Initially expected by September 26-27, the SEC extended the review period to November 10-11, citing Section 19(b)(2) of the Securities Exchange Act. This delay comes just days after the SEC approved options trading for BlackRock’s iShares Bitcoin Trust (IBIT), following an eight-month review.
The SEC’s cautious approach reflects concerns over market manipulation and regulatory risks, which were similarly addressed before granting approval to Bitcoin-related ETFs.
Polymarket Bets Ethereum Won’t Reach New ATH in 2024
Following the SEC’s announcement, betting odds on the prediction market platform Polymarket significantly shifted against Ethereum reaching a new all-time high (ATH) in 2024. Currently, 85% of bettors believe Ethereum won’t surpass its previous ATH, up from 71% a week ago. Only 14% of users believe Ethereum will reach a new ATH within the year, with less than 1% betting on an ATH within the next five days.
Source: US Securities and Exchange Commission
Despite the low confidence in Ethereum hitting a new high, the 1% of traders betting on a Q3 ATH collectively wagered $1.23 million, while the larger 85% group staked $1.07 million.
Ethereum Price Struggles Around $2,600-$2,700
Despite a 15% rally in the past two weeks, Ethereum’s price has consolidated between $2,600 and $2,700, with a market cap of $316 billion and daily trading volume exceeding $15.7 billion. After reaching a recent high of $2,702, Ether has flatlined, with traders taking profits. A relative strength index (RSI) above 70 indicates short-term selling pressure may increase, potentially leading to a price dip towards $2,500.
Ethereum all-time high prediction odds. Source: Polymarket
This period of sideways movement suggests a tug-of-war between buyers and sellers, as Ethereum’s future remains uncertain amidst the ongoing ETF approval delay.
