Is Ethereum’s Price Rally Losing Steam?

After a 15% rally in the last two weeks, Ethereum (ETH) is now stabilizing between $2,600 and $2,700.

With a market cap of $316 billion, it has seen over $15.7 billion in trading volume recently.

The U.S. Securities and Exchange Commission (SEC) announced on September 24 that it would postpone its decision on spot Ethereum ETF options until November 10-11.

This extension, originally due on September 26-27, follows the SEC’s cautious approach in light of regulatory concerns, particularly after it recently approved options for the iShares Bitcoin Trust.

[reaedmore id=”137883″]

Following the SEC news, Polymarket’s betting odds show an 85% chance that Ethereum will not achieve a new all-time high (ATH) in 2024, up from 71% a week ago. Only 14% of bettors believe a new ATH is possible this year, with less than 1% anticipating it within the next five days.

After hitting a high of $2,702, Ethereum has been stagnant for about 48 hours, suggesting a balance in market activity. Traders may start to lock in profits, especially with the relative strength index (RSI) indicating overbought conditions, which could lead to increased selling pressure and a potential dip to around $2,500.