Help in Construction of Spiral Symbol

Hello, everyone.

I am in need of some help regarding the construction of the attached symbol. I have tried multiple directions and none seem to work. Ideally, the shape should grow as the presented blue sketch and it should grow in perfect mathematical conditioning/formula.

My idea was to construct it based on its current correct ellipses at the bottom which somehow get smaller, closer to becoming a circle at the top. This would be something similar to the blend tool in Illustrator.

Does anyone have any clue on how to go about constructing this?