Ethereum investors are anticipating the possible approval of a spot ETF by May 2024, with significant implications for the cryptocurrency.

Current prediction markets show only an 18% chance of approval, with Polymarket odds even lower at 14%, indicating widespread skepticism.

The SEC's cautious stance on cryptocurrency ETFs and recent probes into the Ethereum Foundation have contributed to uncertain market expectations.

The SEC's decision by the May 31 deadline will be pivotal for Ethereum's future and could set a benchmark for other crypto financial products.

Analyst Daan Crypto Trades outlines three possible outcomes for ETH's future: positive ETF news, risk-reward dynamics, and the impact of an ETF denial.

Despite Bitcoin ETFs leading inflows, there is optimism for Ethereum's long-term potential and its position in the market, especially if ETF prices fall.