According to Blockworks, industry observers generally believe that if US regulators approve a spot Ethereum ETF, it will have a positive impact on the asset. Even if these ETFs are not approved, the impact on the market will not be significantly negative as market participants have lower expectations for approval from the U.S. Securities and Exchange Commission (SEC) this time. The SEC is set to rule on VanEck’s proposed Ethereum fund by May 23 at the latest, with the deadline for similar proposals from Ark Invest and 21Shares plans being the following day. Observers expect the SEC to rule on all Ethereum fund applications at once, just as it did with the Bitcoin ETF. The price of Ethereum was $3,140 at around 2:30 p.m. on Monday, up about 7% from a week ago but well below its yearly high of over $4,000 in mid-March. Jeff Embry, managing partner at Globe 3 Capital, said that the approval of a spot Ethereum ETF would immediately drive prices higher and reach new highs above $4,800 in the medium term. However, various industry observers have stated that they expect the SEC to reject an Ethereum ETF this month. Reasons include the SEC’s hesitation over labeling Ethereum a security or commodity, the regulator’s lack of engagement with potential issuers in recent weeks, and the slightly weaker correlation between Ethereum’s spot and futures markets relative to Bitcoin.