Ethereum (ETH) is set for a potential bullish surge in the short term, breaking a period of sideways movement. Recent talks in the crypto community focus on a decline in revenue on the ETH Mainnet and expectations for the SEC's decision on spot ETH ETFs.

As the May 23 deadline approaches, industry insiders share their views. Nate Geraci from ETF Store doubts the SEC's rejection of spot ETH ETFs due to past approvals of ETH futures ETFs and changes in applications.

Conversely, @Evan_ss6 speculates on a possible denial citing an SEC investigation on ETH's security classification. Court documents from ConsenSys reveal the SEC's investigations into Ethereum's security status since April 2023, despite approving ETH futures ETFs in September, indicating a complex regulatory landscape for Ethereum. Ethereum's price is currently around $2,990, aiming to surpass $3,000. Short-term uptrend is expected, though breaking resistance levels at $3,103 and $3,161 might be challenging. The price range between $2,852 and $3,300 remains crucial, with market uncertainty likely to diminish after the SEC's verdict on spot ETH ETFs on May 23.

ETH long liquidations have decreased, nearing short positions, while open interest has slightly increased to 1.97%, supporting short-term bullish sentiment. Traders anticipate increased price volatility leading up to the SEC's deadline, with only a 16% probability of ETF approval by the end of May, and implied volatility in ether options expected to rise accordingly.