The upcoming month of May is crucial for Ethereum as important decisions regarding ETF applications by VanEck and Ark&21Shares are expected to be made by the SEC by May 23. While the possibility of rejection looms large due to various legal actions taken by the SEC against Ethereum-related companies, the market has already priced in this scenario, with ETH currently trading at $3,260. However, if there is a surprise approval by the SEC, Ether could potentially soar above $4,000. Despite uncertainties, the industry remains vigilant as the outcome of these decisions could have significant impacts on the future of Ethereum and the wider crypto market.