Ethereum’s price could soar to an astonishing $1.5 million per token in the long run, according to Eric Jackson, founder of EMJ Capital.
Jackson believes the market is severely underestimating the potential of the world’s second-largest cryptocurrency.
In a series of posts on X on Sunday, Jackson argued that Ethereum’s network is “underpriced” despite its growing dominance as the main blockchain infrastructure for crypto transactions. He described Ethereum as “quietly becoming the dominant rail system to transact in crypto with deflationary economics.”
One major catalyst he highlighted is the anticipated approval of Ether exchange-traded funds (ETFs) featuring staking in the United States. The Securities and Exchange Commission (SEC) allowed spot Ether ETFs to launch in July 2024, and analysts predict staking-enabled ETFs will receive the green light before October.
Jackson said many investors wrongly assume that the approval of Ether ETFs is already reflected in ETH’s price, pointing out that trading volumes have lagged behind those of Bitcoin ETFs. Data from CoinGlass shows US spot Bitcoin ETFs have raked in $6.9 billion in volume, compared to just $1.41 billion for Ether ETFs so far.
“The real catalyst is still ahead: staking approval, expected before October,”
Jackson stated. He explained that once Ether becomes a productive, yield-generating asset within an ETF wrapper, its status will fundamentally change, becoming “an institutional-grade yield product” rather than just “digital oil.”
He further emphasised that staking approval would amplify Ether’s deflationary tokenomics by reducing the circulating supply as institutional inflows and staking demand rise. According to Jackson, if major companies continue to build on Ethereum’s blockchain, the path to a $1.5 million valuation becomes clearer.
For the current market cycle, which is expected to conclude around March 2026, Jackson’s “base case” predicts Ether will reach $10,000. His “bull case” forecasts a price of $15,000 if adoption of Ethereum’s layer 2 networks and staking inflows surpass expectations following staking ETF approval.
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