The odds of Ethereum exchange-traded funds (ETFs) being approved this May remain low, according to leading ETF analyst Eric Balchunas.

According to a recent report by Barron's, several ETF issuers have had meetings with the SEC regarding Ether ETFs. However, the regulator has yet to provide these companies with much-needed feedback. 

The SEC was engaging in a consent "back-and-forth" on the cusp of greenlighting Bitcoin ETFs earlier this year. However, it is not willing to actively engage with ETF issuers this time around, with discussions being mostly one-sided, according to a recent report by Barron's. 

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The SEC is supposed to provide comments on a slew of Ethereum ETF applications for the approval process to move forward. So far, however, they have refused to offer any sort of feedback even during personal meetings based on the recent reporting. "Silence is violence," Balchunas noted.

In March, the SEC postponed its decision on multiple Ethereum ETF filings, including the one from financial giant BlackRock.  

As reported by U.Today, the Bloomberg ETF expert previously estimated that the odds of an Ethereum ETF being approved in May were at just 25%.     

Last week, the regulator finally called for comments on the applications by BlackRock and other firms.   

Ethereum ETF proposals are facing multiple headwinds: from pressure in Congress to growing scrutiny over the regulatory status of the largest altcoin.