Eric Jackson, founder of EMJ Capital, has predicted that Ethereum, the second-largest cryptocurrency by market capitalization, could potentially rise to as much as $1.5 million per token over time. Jackson’s bullish outlook is driven by several key catalysts, including the anticipated approval of Ether staking exchange-traded funds (ETFs) in the U.S. and the growing integration of Ethereum’s blockchain by major financial and technology companies.
Jackson’s analysis suggests that Ethereum is significantly undervalued by the market, despite its robust fundamentals. He emphasizes that Ethereum is becoming the dominant rail system for crypto transactions, bolstered by deflationary economic policies built into its framework. This transition to a deflationary asset following its merge to Proof-of-Stake consensus in September 2022 has introduced mechanisms such as the burning of transaction fees, which reduce the circulating supply and enhance ETH’s appeal as a potential store of value.
One of the most critical upcoming developments for Ethereum is the anticipated approval by the U.S. Securities and Exchange Commission (SEC) of ETFs that incorporate Ether staking. While the SEC allowed Ether ETFs in July 2024, products specifically offering staking functionality have yet to receive regulatory clearance. Analysts widely expect this approval to occur by October 2025. Jackson argues that market participants are significantly underestimating the potential impact of these staking ETFs, which could transform Ethereum from mere ‘digital oil’ into an institutional-grade yield product.
Jackson highlights institutional adoption as a pivotal driver for Ethereum’s long-term valuation. Prominent companies such as stablecoin issuer Circle Internet Group, cryptocurrency exchange Coinbase, e-commerce giant Shopify, and trading platform Robinhood are all deeply integrated into Ethereum’s blockchain ecosystem. If traders and institutional investors continue to see robust growth in these companies and embrace the shift towards crypto-based commerce, Ethereum’s valuation could skyrocket. Jackson underscores the role of these companies in driving mainstream adoption, noting that their continued expansion into blockchain-based solutions reinforces Ethereum’s fundamental value.
Jackson’s base-case scenario projects Ethereum reaching around $10,000 by the conclusion of the current bull cycle, which is expected to peak around March 2026 based on the four-year crypto market cycle. In his bullish scenario, Ethereum could surpass $15,000, particularly if layer-2 blockchain adoption accelerates and if new staking approvals anticipated before October exceed current expectations. Jackson further noted that his predictions currently exclude additional significant upside potential from decentralized finance (DeFi) innovations, stablecoin expansion, or increased adoption of Robinhood’s and Coinbase’s layer-2 networks. Should these additional catalysts materialize, Ethereum’s valuation could experience exponential growth, making ETH a “100-bagger,” or an asset appreciating over 100 times its current price.
The cryptocurrency community has shown mixed reactions to Jackson’s extremely bullish forecast. While some market participants view the $1.5 million prediction as overly optimistic, many acknowledge the credibility of EMJ Capital and recognize the validity of underlying market catalysts identified by Jackson. Industry experts also note the continued institutionalization of Ethereum, highlighting recent acquisitions of large ETH positions by asset managers like BlackRock, which now controls approximately 1.5% of Ethereum’s total supply. Such institutional commitments reinforce Ethereum’s perceived long-term stability and attractiveness as a strategic investment asset.
Investors and analysts are closely monitoring Ethereum’s forthcoming developments, especially regulatory approvals related to staking ETFs. Market participants should remain vigilant to the SEC’s decisions and broader institutional adoption trends, as these will likely dictate Ethereum’s trajectory in the near to medium term. While Jackson’s forecast represents an optimistic projection based on specific bullish catalysts, investors are advised to balance enthusiasm with caution, considering Ethereum’s historical volatility and potential regulatory and macroeconomic risks.
