Ethereum’s Momentum Stalls: What’s Next for ETH?
Ethereum has been on a rollercoaster ride lately. After surging 15% in just two weeks, its price momentum hit a speed bump, hovering between $2,600 and $2,700. While the largest altcoin by market capitalization—currently sitting at $316 billion—continues to see significant trading volume, the question remains: where does ETH go from here?
Let’s dive into the latest Ethereum developments, including the SEC’s delay on ETF options, Polymarket’s gloomy ETH forecast, and the current price action.
SEC Pushes Ether ETF Options Decision to November
Regulatory uncertainty continues to loom over Ethereum. On September 24, the U.S. Securities and Exchange Commission (SEC) released a filing announcing the postponement of its decision to approve options trading for spot Ethereum ETFs.
Source: U.S. Securities and Exchange Commission
Originally, the decision was expected by late September, but the SEC extended its review period to November 10-11 under Section 19(b)(2) of the Securities Exchange Act.
This move comes shortly after the SEC approved options trading for BlackRock’s iShares Bitcoin Trust (IBIT), following an eight-month evaluation process. The delay suggests that the SEC remains cautious about Ethereum ETFs, likely due to concerns over volatility, potential market manipulation, and broader regulatory implications.
Polymarket: No ETH All-Time High in 2024?
The market’s sentiment regarding Ethereum’s potential to break its all-time high (ATH) in 2024 took a hit following the SEC’s announcement. Polymarket, the world’s largest prediction market, shows a staggering 85% probability that ETH won’t reach a new ATH this year—up from 71% just a week ago.
Check out the market odds here.
Only 14% of bettors are still optimistic, while less than 1% believe ETH will hit an ATH in the next five days.
Interestingly, those holding out hope for a Q3 ATH have actually placed larger collective bets—roughly $1.23 million—compared to the skeptical 85%, who have wagered around $1.07 million.
Ethereum all-time high prediction odds. Source: Polymarket
Price Action: ETH Ranges Between $2,600-$2,700
Ethereum hit a recent high of $2,702 on Monday, but the rally seems to have stalled. Over the past 48 hours, ETH has been trading sideways, indicating a tug-of-war between buyers and sellers.
Ethereum 6-hour chart. Source: TradingView
Since September 15, ETH has surged by 14%, but traders appear to be taking profits at this range—potentially signaling a pullback toward $2,500 liquidity levels before the next major move.
The Relative Strength Index (RSI)—a common momentum indicator—is currently in the overbought zone above 70. This suggests that short-term selling pressure could increase in the coming days, potentially pushing Ethereum’s price lower before any further upside momentum.
What’s Next for Ethereum?
With the SEC delaying its decision on Ethereum ETF options, bearish market sentiment on Polymarket, and ETH’s sideways price action, things are at a crossroads.
If Ethereum can break through the $2,700 resistance, it could reignite bullish momentum. However, if profit-taking continues, we might see another dip before the next major leg up.
One thing is for sure: the coming months will be crucial for ETH as it faces regulatory uncertainties and market hesitations.
What’s your prediction? Will ETH surge past its previous ATH, or are we in for more consolidation? Share your thoughts in the comments!
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions.
