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Ethereum (ETH) is in the spotlight at the moment amid the growing hype surrounding spot ETF approval. Diving into the growing sentiment around Ethereum, Bernstein Analyst Gautam Chhugani has predicted that the price of the coin is on track to retest and surpass its all-time high (ATH).

Bullish cash for Ethereum

At the time of writing, the price of Ethereum is changing hands for $3778.37, up by 2.75% in 24 hours. The coin jumped as high as $3,943.55 in the past 24 hours as it looks to retest its major psychological level of around $4,000.

According to the analyst, Ethereum is primed for a 75% rally from its current level if the spot ETH ETF product is finally approved by the United States Securities and Exchange Commission (SEC). Per his best-case projection, he foresees the price of the coin jumping as high as $6,600 in the near term.

Chhugani is optimistic that the price of Ethereum can mirror that of Bitcoin, which soared to a new ATH following the approval of its associated spot ETF product in January. Should the regulator approve the spot Ethereum ETF, there will be a massive inflow of capital into the market, helping to crunch the coin’s supply on exchanges.

Current data already suggests that the Ethereum exchange volume is at its three-year low of 13.7 million ETH. If the shortage in Ethereum's supply meets the demand that might accompany the spot Ether ETF product, the upside is massive for the coin’s price.

Historic moment for Ethereum

Despite being recognized as the second-largest digital currency by market capitalization, the quest for a spot Ethereum ETF has been largely a wild goose chase until this week. With VanEck’s application set for a decision today, Ethereum might join Bitcoin in making history if approval is finally given for the product.