Ethereum's price has reached a two-month high, surpassing $3,900, following the approval of 19b-4 filings for eight spot exchange-traded funds (ETFs) related to the digital asset by the US Securities and Exchange Commission (SEC). This surge in value significantly outpaced the top 10 cryptocurrencies by market capitalization, with Ethereum seeing a 27% increase during the reporting period, compared to Bitcoin's modest gain of 2%.

Experts believe that Ethereum's price could follow a trajectory similar to Bitcoin's surge after the approval of spot BTC ETFs, potentially leading to a new all-time high. The ETF approval is seen as a strong indication of increased recognition of cryptocurrencies as a viable financial asset class, leading to greater institutional adoption.

Michael Saylor, the executive chairman of MicroStrategy, supports this view and believes that the approval of an Ethereum ETF further legitimizes the emerging industry, encouraging institutions to allocate more capital to digital assets. This perspective is a shift from Saylor's previous remarks, where he doubted the approval of Ethereum ETFs and labeled Ethereum as a security.

Arthur Cheong, founder of DeFiance Capital, predicts that Ethereum's price could reach $4,500 before the ETH ETFs begin trading. Cheong argues that Ethereum is currently underrepresented in crypto portfolios, making it an attractive investment opportunity.

In addition to the ETF approval, another catalyst for Ethereum's upward momentum is the upcoming Pectra upgrade. Ethereum's core developers plan to launch Pectra during the first quarter of next year. Pectra is the next major upgrade for Ethereum following the successful implementation of Dencun in March. The upgrade aims to enhance the Ethereum Virtual Machine (EVM) by introducing the Ethereum Virtual Machine Object Format (EOF) and includes 11 improvement proposals.

The developers have announced their intention to replace the account abstraction EIP-3074 with the more advanced EIP-7702, proposed by Ethereum co-founder Vitalik Buterin. This new proposal allows Externally Owned Accounts (EOAs) to function as smart contract wallets during transactions, streamlining the user experience and improving security.

JPMorgan, the banking giant, predicts that the ETH ETFs will launch before the US presidential elections, adding further anticipation to Ethereum's potential price rally.

Overall, the approval of ETFs related to Ethereum and the upcoming Pectra upgrade are generating positive expectations for the cryptocurrency. As Ethereum continues to gain recognition and institutional support, its price could reach new milestones in the coming months.