And when it comes to video SEO, embedding your video above the fold is pretty dang important for providing visitors with the best possible experience. When they search for something in Google, Bing, Yahoo!, etc, they're going to expect that the result they click on will immediately present them with what they're looking for. If they click on your video thumbnail in the search results and don't see the video right away or have to scroll down the page a bit to find that video, they aren't going to be too happy. No bueno.
But if you put the video above the fold, that'll be the first thing they see, which is really what they're expecting to see when clicking on a video thumbnail result. They'll be all smiles and will have a positive first-time experience with your website.
There's also some technical reasoning behind this. Google's Penguin update put a massive emphasis on providing searchers with a great experience when looking for information. If Google sees something that might provide a less-than-stellar time, they might not index that content at all. We've seen videos that didn't get indexed within several months suddenly get indexed within a few days after being moved above the fold. Hot dang!
So put your video above the fold and provide your visitors from search results with what they're looking for, right away. As Chris Lavigne would say, "that sure is neat!"