The cryptocurrency community is eagerly awaiting the US Securities and Exchange Commission's (SEC) decision on spot Ethereum exchange-traded funds (ETFs). With the deadline fast approaching, speculation is rife about the potential impact on Ethereum's price.

If approved, a spot Ethereum ETF could lead to increased mainstream adoption and drive up the value of the second-largest digital currency. However, the SEC's cautious stance on cryptocurrencies and lack of engagement with issuers have raised doubts about the likelihood of approval.

Industry experts predict a 50% chance of approval, with some analysts believing that a positive decision could trigger a price surge to $3,500 or higher. Others are more skeptical, citing the limited impact of Bitcoin ETF approvals on its price.

The SEC's decision will be closely watched, with five commissioners set to vote on VanEck's ETF application on Wednesday. Gary Gensler, a crypto-skeptic, will be among them, making his vote crucial. If approved, a spot Ethereum ETF could be a game-changer for the cryptocurrency market. But if rejected, it may not necessarily spell doom for Ethereum, as many believe its value will eventually rise regardless.