The deadline for the first spot Ethereum ETF is Wednesday, May 23. This is when the SEC will approve or deny VanEck's application. Ark 21Shares spot ETH ETF applications expire the following day, Thursday, May 24. However, what happens Wednesday will set the tone for other publishers. 📅

The chances of approval don't look good. ETF Store President Nate Geraci observed that the SEC would have to approve 19b-4s and S-1s to launch an ETF. He added that regulators could "slow down" S-1s, especially given the lack of interaction with issuers.

If the SEC approves VanEck's funds on Wednesday, ETH prices will likely rise in the short term. However, the general consensus is that the SEC will reject it. One analyst said that Ethereum's fundamentals are in place and eventually a spot ETF will be approved despite being rejected this week.

ETH price is down slightly now to just under $3,100. SEC approval could result in a quick upside move to resistance at $3,500 and potentially beyond. 💹

What do you think about this decision? Share in the comments column! 👇