The cryptocurrency community is eagerly awaiting a crucial decision from the Securities and Exchange Commission (SEC) regarding spot Ethereum ETFs. This verdict will not only impact the future of Ethereum but also shape the mid-term price predictions for the altcoin. The SEC's stance on crypto will be put to the test, and investors are bracing themselves for the outcome.

The final decisions for VanEck and Ark&21Shares applications are scheduled for May 23 and 24, while Grayscale's application will be announced on May 30. If the SEC follows its precedent with BTC ETFs, it will need to announce approval or rejection for all Ether ETFs. The decision dates for ETF applications by trillion-dollar giants like BlackRock and Fidelity also fall on May 23 and 24, adding to the anticipation.

Despite the excitement, only 14% of investors believe the SEC will approve ETH ETFs. The regulatory body's actions against ConsenSys, Uniswap, Ethereum Foundation, and others have hinted at a rejection for months. SEC Chair Gensler has also suggested that Ethereum's transition to PoS makes it a security, laying the groundwork for a comprehensive legal battle. However, the CFTC clearly states that Ether is a commodity, not a security, leading to criticism from SEC members Peirce and Uyeda.

This Thursday and Friday, ETH prices might experience volatility as the SEC announces approval or rejection for at least two ETFs on Wednesday or Thursday. Although the market has already priced in a rejection, a shock drop could occur. The reasons cited by the SEC for rejection and whether it will simultaneously reject applications from BlackRock and other giants could affect the severity of the drop. Investors are holding their breath, awaiting the SEC's decision that will shape the future of Ethereum and the cryptocurrency market.