As Ethereum (ETH) takes center stage amidst mounting anticipation surrounding spot ETF approval, Bernstein Analyst Gautam Chhugani offers an optimistic outlook, predicting a potential surge in the coin's price trajectory.

At the latest update, Ethereum is trading at $3,778.37, marking a 2.75% increase over the past 24 hours. The coin's recent ascent has seen it nearing the pivotal $4,000 mark, igniting speculation about a retest of its all-time high (ATH).

Chhugani's analysis suggests that Ethereum could embark on a significant rally, potentially surging by 75% from its current valuation, should the spot ETH ETF receive approval from the United States Securities and Exchange Commission (SEC). In his best-case scenario, he envisions Ethereum reaching a price point as high as $6,600 in the near term.

Drawing parallels to Bitcoin's price surge post-spot ETF approval in January, Chhugani underscores the potential influx of capital into Ethereum's market following regulatory approval. The anticipated approval could trigger a supply crunch, further fueled by Ethereum's exchange volume currently at a three-year low of 13.7 million ETH. This tightening supply, coupled with increased demand spurred by the ETF product, presents a bullish case for Ethereum's price trajectory.

Despite Ethereum's status as the second-largest cryptocurrency by market capitalization, the pursuit of a spot Ethereum ETF has encountered numerous obstacles until recently. With VanEck's application awaiting a decision, Ethereum stands poised to make history alongside Bitcoin if regulatory approval is granted for the product.

As the cryptocurrency community awaits the SEC's verdict, Chhugani's forecast underscores the potential for Ethereum to realize significant price gains, reflecting the broader market sentiment and anticipation surrounding ETF approval.