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Bloomberg analyst James Seyffart said on the X platform: "In short, Eric Balchunas increased the chance of approving the Spot Ethereum ETF to 75%. However, this is for the May 23 deadline of the 19b-4 (VanEck deadline). We still need approval for the S-1. It may take weeks to months before we see the approval of the S-1 and the actual launch of the Ethereum ETF."
"However, if we are correct and we see these theoretical approvals later this week, this should mean that the issue of S-1 approval is a question of 'when' rather than 'if'."