The likelihood of approval for Ethereum ETFs has become a focal point of discussion, with various analysts and market observers weighing in on the prospects. The U.S. Securities and Exchange Commission (SEC) is expected to make a decision by May 23, amid a backdrop of regulatory challenges and market skepticism. Recent developments have seen the withdrawal of a futures ETF application by Grayscale and a filing amendment by ARK for a spot Ethereum ETF that excludes staking. Market sentiment has been influenced by these events, with predictions ranging from a potential approval this year to delays extending into 2025, potentially influenced by the outcome of the U.S. presidential election. Notably, the approval odds have recently doubled to 14%, and there's a possibility of rejection on May 23. Additionally, Ethereum's price has dropped below $3,000.