Could Ethereum Price Reach $1.5 Million? What You Need to Know

Eric Jackson, founder of EMJ Capital, has predicted that Ethereum (ETH) could eventually reach $1.5 million per token. 

Jackson believes that the approval of Ethereum staking exchange-traded funds (ETFs) and the growth of crypto-based commerce could drive the altcoin’s price surge.

What Could Propel ETH to $1.5 Million?

In his latest analysis, shared via X  (formerly Twitter), Jackson argued that Ethereum is ‘underpriced.’ According to him and EMJ Capital’s model, the price could reach $10,000 by the end of this cycle in a base case. Furthermore, the bullish case suggests it could go as high as $15,000. 

“And none of this assumes a massive new breakout in DeFi or NFTs or explosion in stablecoins like CRCL on ETH or explosion in HOOD ‘s L2 and COIN ‘s BASE for keeping money in the crypto world vs. migrating back and forth to fiat,” he stated.

But what will cause this massive appreciation? Well, in the current cycle, Jackson pointed to the approval of the Ethereum staking ETF as a major catalyst for ETH’s growth.

“Most people think the ETH ETF approval is already priced in, and it’s been a big bust vs. BTC (in terms of assets for ETHA vs. IBIT). It’s not. Because the real catalyst is still ahead: staking approval, expected before October. Once that hits, ETH becomes the first yield-bearing crypto ETF in US history,” he wrote.

Jackson explained that this development will attract passive institutional flows and increase staking demand as institutions move to capitalize on the staking yield. The staking process and ETF demand will reduce ETH’s circulating supply, increasing scarcity and prices. 

He noted that all of this contributes further to ‘Ethereum’s already deflationary tokenomics.’ Additionally, the growth of Layer 2 solutions and real-world asset tokenization will further enhance ETH’s value by increasing transaction fees.

“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 stated.

The executive also believes ETH can reach $1.5 million in the long term. His prediction is rooted in his belief that Ethereum’s foundational role in an emerging decentralized and crypto-based financial ecosystem will drive significant price appreciation over time.

“I would say, if you believe in CRCL, COIN (base), SHOP, HOOD, and some part of commerce stays in crypto and moves away from fiat, then you believe in ETH. If you believe in fiat, credit cards, traditional banks, then you don’t. If this conversion to ETH commerce truly happens (and I believe it will), then ETH goes to $1.5 million over time,” he added.

Meanwhile, other analysts echo Jackson’s optimism. Merlijn The Trader highlighted that Ethereum is following a pattern similar to its 2016 price behavior. However, this time, with ETFs, institutional investments, and global adoption, the growth potential is higher.

“Ethereum staking just hit all-time highs. Over 35.7 million ETH now staked. That’s $100 billion+ locked. Gone from circulation. And no one is talking about it. While the herd chases meme coins, smart money stacks and locks Ethereum. Don’t sleep through the quiet accumulation,” Merlijn revealed in another post. 

Whether these predictions will come true or not remains to be seen. For now, Ethereum continues to extend its weekly gains of 17.7%.

BeInCrypto data showed that the second-largest cryptocurrency saw a 2.73% increase over the past day. At the time of writing, ETH’s trading price was $3,034.