Ethereum's price fell below the critical $3,000 mark on Thursday after showing potential signs of a rally. This recent price movement comes as the crypto community anticipates the SEC's decision on spot ETH ETFs next week.

The Ethereum community is buzzing with predictions as the SEC's deadline for deciding on spot ETH ETFs approaches. Former Ethereum Foundation officer Evan Van Ness believes the market is underestimating the likelihood of SEC chair Gary Gensler approving spot ETH ETFs while still considering ETH a security. This view aligns with predictions that the SEC's scrutiny of Ethereum-related firms aims to classify ETH as a security, potentially leading to the denial of spot ETH ETF applications.

On the other hand, BlackRock CEO Larry Fink suggested in a CNBC interview that the SEC might approve spot ETH ETFs even if Ethereum is classified as a security. This follows the SEC's approval of ETH futures ETFs in September despite considering ETH a potential security since April 2023.

Eric Conner, co-author of Ethereum Improvement Proposal EIP-1559, is confident that the SEC will approve spot ETH ETFs by May 23. Meanwhile, another user, @fewture, proposed a unique theory that the SEC might neither approve nor deny the spot ETH ETF applications, effectively allowing them to proceed but contesting the process judicially.

Ryan Sean Adams, host of the Bankless podcast, shared his opinion, suggesting that political pressure might push the SEC to approve the Ethereum ETF. He sees this as a long shot but acknowledges it as a possibility if anti-crypto sentiment is perceived as a threat to political standings.

Many expect the SEC to deny the spot ETH ETF applications from firms like VanEck, ARK 21Shares, and Hashdex but foresee challenges when addressing applications from Grayscale, Fidelity, BlackRock, and Invesco.

Ethereum's technical outlook remains uncertain. Despite briefly surpassing $3,000, Ethereum has lagged behind Bitcoin and Solana in growth during this cycle. The ETH/BTC ratio has declined steadily since the start of the year, but some predict it is nearing a bottom and could rebound soon, potentially increasing Ethereum's price.

However, the ETH/USDT pair indicates continued market uncertainty, with open interest around 0.5% and significant liquidations of long positions. Ethereum failed to surpass the $3,103 resistance level and must hold the $2,852 support level to hope for a bounce back. Investors await the SEC's initial decision on VanEck’s spot ETH ETF on May 23 before making new moves.

In conclusion, Ethereum's recent dip below $3,000 reflects ongoing market uncertainty and anticipation of the SEC's decision on spot ETH ETFs. The crypto community remains divided on the outcome, with predictions ranging from approval to judicial contests. The SEC's decision will likely play a crucial role in shaping Ethereum's market dynamics in the near future.