Recently, Ethereum has seen a stabilization in its price, fluctuating between $2,600 and $2,700. Despite a previous 15% increase, the current phase seems to be one of market consolidation, suggesting traders are assessing their positions and preparing for potential shifts.
SEC Delays Decision on Ethereum ETF Options to November
The US Securities and Exchange Commission (SEC) has extended its timeline for a decision on Ethereum ETF options to November. This follows shortly after its approval for the iShares Bitcoin Trust options on Nasdaq. The new decision date is between Nov. 10 and 11, reflecting a cautious regulatory approach toward Ethereum-related financial products.
Polymarket Trends: Growing Doubts on Ethereum’s New High by 2024
Betting trends on Polymarket reveal a growing skepticism about Ethereum reaching a new all-time high by 2024.
Currently, 85% of bets are against this outcome, a significant increase from 71% the previous week. Meanwhile, only 14% are optimistic about a new high, with less than 1% expecting it to happen in the next five days.
Despite being in the minority, this small group has placed bets totaling $1.23 million, indicating a strong belief in their prediction.
Ethereum Market Update: High Trading Volume and Potential Pullback
Over the past 24 hours, Ethereum has facilitated over $15.7 billion in trading volume, indicating active engagement in the market. With the RSI indicating an overbought condition, there might be a slight pullback as traders possibly decide to take profits, potentially pushing the price down to the $2,500 level.
As Ethereum navigates through regulatory and market uncertainties, it maintains a significant market cap of $316 billion.
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