As the final decision on VanEck’s spot Ethereum exchange-traded fund (ETF) approaches, the financial and crypto communities are abuzz.

The crypto community speculates if the potential approval has been priced into Ethereum’s (ETH) market value or if it could lead to significant market changes.

Ethereum ETF Decision Expected Around 16:00 ET

Eric Balchunas, a Bloomberg ETF analyst, anticipates an announcement from the SEC around 16:00 ET today. Based on previous decisions, like the one for the spot Bitcoin ETF approved at 15:45 ET, we might expect a similar schedule.

Markus Thielen of 10X Research suggests that SEC Chair Gary Gensler could precede the decision with a cautionary tweet about investment risks. This is similar to his approach before the Bitcoin (BTC) ETF approval.

Read more: Ethereum ETF Explained: What It Is and How It Works

This tweet, expected around 9 AM ET, could indicate whether an approval is likely. Previously, the SEC issued warnings ahead of significant crypto-related decisions, including the Bitcoin futures ETFs.

Many in the crypto sector wonder if this approval could lead to a “sell the news” scenario. However, Crypto Nova, a well-known crypto analyst, argues that the market has yet to adjust to such an event. Crypto Nova suggests investors examine the data.

“Since the last bull run of 2021, Ethereum (and alts in general) have been down only against Bitcoin. The market had eyes on Bitcoin only due to the spot ETF approval and halving. None of it has shifted to Ethereum yet,” Crypto Nova said.

This indicates that an altseason, historically accompanied by significant gains for Ethereum, hasn’t started yet. “None of the potential approval effects are priced in,” claims Crypto Nova, noting the massive upside potential for Ethereum. She predicted a price target of $10,000 for Ethereum this year.

Conversely, investors should remember the post-approval market reaction for the Bitcoin spot ETF, where Bitcoin’s price fell over 20% to the $38,000 level. This serves as a cautionary tale that the approval could still result in a sell-off.

Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

Nonetheless, the long-term perspective remains bullish. Thielen believes that an approved Ethereum ETF could reposition Ethereum from a utility-focused to a value-storing asset, similar to Bitcoin’s transformation post-2017.