What’s driving Ethereum’s price now?
- Current price: Ethereum is trading around $3,100, with weekly gains of 6–7%.
- ETF inflows: U.S.-listed ETH spot ETFs recently saw a record $240 million daily inflow, boosting demand and credibility.
- Whale activity: Major ETH holders increased their holdings by over 18%, while exchange reserves dropped nearly 2%, signaling accumulation.
Is Ethereum really a “100-bagger” investment opportunity?
Ethereum, the world’s second-largest cryptocurrency, is trading around $3,040 today. But EMJ Capital founder Eric Jackson believes that could be just the beginning. In a recent series of posts on X (formerly Twitter), Jackson said Ether’s value could grow more than 100x, potentially reaching $1.5 million per token over time. Calling ETH “underpriced,” Jackson said Ethereum is becoming the go-to infrastructure layer—or “rail system”—for all kinds of crypto transactions. He also emphasized Ethereum’s deflationary design and the growing usage of the blockchain by large financial institutions as reasons behind his forecast.
Could ETH staking ETF approval be the next big catalyst?
While Ethereum ETFs launched in the U.S. in July 2024, they didn’t generate the same buzz as Bitcoin ETFs. Bitcoin spot ETFs racked up $6.9 billion in trading volume, while Ether ETFs only reached $1.41 billion, according to CoinGlass.
But Jackson argues the real growth catalyst hasn’t arrived yet—and that’s the potential approval of ETH staking ETFs, expected before October 2025. Staking allows ETH holders to earn rewards, and combining that with an ETF could make Ethereum far more attractive to traditional investors.
“Once ETH becomes a productive, staked asset within an ETF wrapper… It’s no longer just ‘digital oil.’ It’s an institutional-grade yield product,” Jackson wrote.
Why $1.5 million ETH isn’t just a dream
EMJ Capital’s bold $1.5M projection is based on:
- Deflationary tokenomics: ETH supply growth has dropped over 99% since EIP-1559 and the move to Proof-of-Stake.
- Yield appeal: If staking ETFs roll out, Ethereum could become the first high-yield institutional-grade digital asset.
- Mainstream utility: Ethereum powers DeFi, NFTs, stablecoins, and enterprise apps—giving it massive long-term demand potential.
How will Ethereum’s deflationary supply impact long-term price?
Ethereum underwent major upgrades in recent years, including the Ethereum Merge and EIP-1559, which shifted the network from proof-of-work to proof-of-stake and introduced token burns to reduce supply. This created deflationary tokenomics, where more ETH is removed from circulation than issued.
Jackson believes that once staking gets approved within ETFs, the inflow of funds from traditional finance will compound ETH’s deflationary supply, making it even scarcer. That scarcity, paired with demand, could act as a strong price accelerator.
Which companies are already betting big on Ethereum?
Jackson highlighted that Ethereum is already playing a key role in powering real-world business operations. Companies like:
- Coinbase – the largest crypto exchange in the U.S.
- Circle Internet Group – the issuer of USDC stablecoin.
- Shopify – allowing merchants to accept crypto payments.
- Robinhood – integrating Ethereum-based trading solutions.
These firms are using Ethereum’s blockchain to facilitate payments, settlements, and digital commerce. Jackson argues that if this “ETH commerce” trend continues, and more companies adopt Ethereum’s rails, then its value will grow with it.
How high could Ethereum price go in this bull cycle?
Jackson broke down two Ethereum price scenarios for the current crypto market cycle, which is widely believed to end in March 2026:
- Base case: Ethereum hits $10,000
- Bull case: Ethereum reaches $15,000, assuming strong Layer 2 adoption and successful staking ETF approval
But what about the $1.5 million prediction? That’s not tied to this cycle. Jackson sees that as a long-term target—driven by mass adoption, continued real-world use, deflationary supply, and potentially a global shift toward “ETH commerce.”
He noted that the projection doesn’t even factor in potential “breakouts” in decentralized finance (DeFi), growth in stablecoins, or the usage of Layer 2 solutions like Coinbase’s Base network, all of which could make ETH even more valuable.
Why experts see $10K–$15K ETH in 2026
- Analysts expect Ethereum to hit $3,500 short-term, then climb to $10,000–$15,000 by 2026.
- Fueling this are potential ETH staking ETF approvals expected by October 2025, which could turn Ethereum into a yield-generating institutional asset.
- Major players like BlackRock, Coinbase, Circle, and Shopify are actively involved in Ethereum-based projects.
Is Ethereum undervalued or overhyped?
Jackson’s call is bold, no doubt—but it taps into key themes driving the next wave of crypto investment: real-world utility, institutional interest, and supply-side economics. As ETH staking ETF approval approaches, Ethereum could shift from being just a speculative asset to a yield-generating tool for traditional finance.
For now, Ethereum’s journey to $1.5 million is a long road. But as Jackson puts it, if you believe commerce is moving to crypto, then “you believe in ETH.”
Ethereum price outlook
| Timeframe | Potential Price | Key Catalysts |
| Short-Term (2025) | $3,500 | Spot ETF inflows, whale demand |
| Mid-Term (2026) | $10K–$15K | Staking ETFs, L2 adoption, corporate usage |
| Long-Term (2030+) | $1.5M | Institutional yield, ETH scarcity, global financial use |
FAQs:
Q1: What is EMJ Capital’s Ethereum price prediction?
EMJ Capital predicts Ethereum could eventually hit $1.5 million per token.
Q2: When is Ethereum staking ETF approval expected?
ETH staking ETF approval is expected before October 2025 in the U.S.
