The article analyzes the challenges and potential impacts facing Ethereum spot ETFs. The approval of Ethereum spot ETFs could increase investment and liquidity in the US stock market, positively affecting prices and setting a precedent for other PoS-based cryptocurrencies. However, concerns from the SEC regarding Ethereum's centralization, security, and market manipulation pose obstacles to approval. Additionally, the article discusses the impact of Japan's bank interest rate adjustments on the cryptocurrency market, as well as the differences between Bitcoin and Ethereum in market liquidity and price stability.