In my previous stance (or old position), I understood Ephesians 4:5 as exclusively addressing water baptism.
However, my current perspective is that Ephesians 4:5 refers to water baptism while emphasizing its connection with spiritual baptisms. These elements harmonize as one, with water baptism serving as the primary tangible expression for us to witness and participate in. Although Spirit baptism may initially appear distinct from water baptism, it is essentially the spiritual counterpart of the physical act of water baptism. To grasp this concept, it's crucial to consider 1 John 5:8.
Lets look at it in context.
1 John 5:7-9
7 For there are three that bear record in heaven, the Father, the Word, and the Holy Ghost: and these three are one.
8 And there are three that bear witness in earth, the spirit, and the water, and the blood: and these three agree in one.
9 If we receive the witness of men, the witness of God is greater: for this is the witness of God which he hath testified of his Son.
1 John 5:7 talks about the witness of God in Heaven. There are three that bear witness in Heaven, the Father, the Word (Jesus), and the Holy Ghost, and these three are one.
1 John 5:8 talks about the witness of man on Earth. Man is made up of water, blood, and spirit, and these three agree in one.
1 John 5:9 says the witness of God is greater. What witness of God? The witness back in 1 John 5:7 (Which plays a part of the context). Even one of the top Greek grammarians in the world says that there is a hole in the text if 1 John 5:7 is removed from the Bible. This is evident if one reads the context as I have shown.
Anyways, my main point here is that if the water, blood, and spirit agree in one, then it makes sense that water baptism mentioned in Ephesians 4:5 is referring to the most commonly understood form of baptism by most (Which was water baptism), and yet it is connected or one with the spiritual baptisms mentioned in Scripture. The physical is a representation of the spiritual. It’s one water baptism that is physical and yet has an unbroken connection with our spiritual baptisms. They all breathe together as one baptism.
It’s like the Trinity. While there are three distinct persons in the Godhead or Trinity, the Bible also teaches there is one God in substance or number. Meaning, the Lord our God is one God (in number) and yet He also exists as three distinct persons, as well. This is neither Modalism or Tritheism.
So the way I understand Ephesians 4:5 when it says there is one baptism, it is water baptism (the physical) that is connected to pointing to the spiritual reality in the Spirit immersing our lives when we first accepted Jesus Christ, and when we continue with the Spirit and crucify the affections and lusts (Galatians 5:24) (Galatians 6:8-9) (2 Corinthians 7:1) (Romans 8:13). The one baptism is an immersion in God which is represented outwardly in water baptism.