Coinbase analyst David Han said the market may be underestimating the chances of a potential spot Ethereum exchange-traded fund approvals, despite broad market consensus that won’t happen anytime soon.

“We think the market may be underestimating the timing and odds of a potential approval,” Han wrote in a Thursday report. “Ether may yet have the potential to surprise to the upside in the coming months [and] does not appear to have major sources of supply-side overhangs such as token unlocks or miner sell pressure.”

The Securities and Exchange Commission has key deadlines coming up on May 23 and May 24 to decide whether to approve the applications for spot Ethereum ETFs submitted by VanEck and ArkInvest/21 Shares, respectively.

Expectations of approval this month have declined …