Ethereum Not Expected to See New All-Time High in 2024, According to Polymarket

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by Giorgi Kostiuk

2 years ago

Made with AI

  1. SEC Delays Decision on Ethereum Options to November
  2. Polymarket Predictions on New Ethereum ATH
  3. Ethereum Price Stabilizes at $2,600-$2,700


    4. Despite a recent 15% rally in Ethereum, its price has settled between $2,600 and $2,700 this week. The largest altcoin has a market cap of $316 billion and has facilitated over $15.7 billion in trading volume over the last 24 hours.

    SEC Delays Decision on Ethereum Options to November

    According to a filing released on September 24, the US Securities and Exchange Commission (SEC) announced a delay in its decision to approve options trading for spot Ethereum ETFs. The decision, originally expected by September 26-27, has been extended to November 10-11 under Section 19(b) (2) of the Securities Exchange Act.

    Polymarket Predictions on New Ethereum ATH

    Following the SEC announcement, the odds of Ethereum reaching a new all-time high (ATH) in 2024 significantly changed on Polymarket. According to the world's largest prediction market, the current odds of Ethereum missing out on a new ATH in 2024 are 85%, compared to 71% a week ago. Only 14% placed bets for a new ATH outcome, and less than 1% had unrealistic hopes for a new ATH within the next five days.

    Ethereum Price Stabilizes at $2,600-$2,700

    After reaching a recent high of $2,702 on Monday, Ethereum has remained sideways over the past 48 hours, indicating a potential period of distribution between buyers and sellers. Since mid-September, Ethereum's price has moved up by 14%, prompting expectations of profit-taking within this range before a potential decline to liquidity lows at $2,500.

    In summary, despite recent market activity and gains, predictions remain pessimistic regarding a new all-time high for Ethereum in 2024.

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