Ether Could Soar to $1.5 Million, Says EMJ Capital’s Eric Jackson
Ethereum could be headed for massive gains over the coming years, with its price potentially climbing as high as $1.5 million per token, according to EMJ Capital founder Eric Jackson.
In a detailed series of posts on X, Jackson explained why he believes Ethereum (ETH) remains undervalued, even after recent ETF approvals. He described Ethereum as quietly becoming the dominant infrastructure for crypto transactions, with a deflationary model that supports long-term growth.
Why Jackson Is Bullish on Ethereum
Jackson sees Ethereum evolving into the primary “rail system” for digital transactions. Combined with its deflationary supply mechanics, he says this makes ETH significantly underpriced.
He believes two key catalysts could send the price surging:
- Approval of ETH ETFs that include staking, expected before October 2025.
- Increased use of the Ethereum blockchain by large traditional finance companies.
According to Jackson:
“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.”
ETF Approval Still Not Priced In
While the U.S. SEC approved spot ETH ETFs in July 2024, Jackson argues the market hasn’t priced in the true impact yet — especially since these early ETFs have underperformed compared to Bitcoin’s.
- Spot Bitcoin ETFs: $6.9 billion in volume
- Spot Ether ETFs: $1.41 billion in volume (source: CoinGlass)
Jackson says the real trigger is staking approval, which would drive demand, reduce circulating supply through increased staking, and turn ETH into a yield-generating asset within an ETF — a powerful draw for institutional investors.
The $1.5 Million Scenario
Jackson believes ETH’s long-term value could reach $1.5 million if Ethereum becomes the go-to platform for global digital commerce.
He pointed to companies like Circle, Coinbase, Shopify, and Robinhood, which already use or support Ethereum’s blockchain.
His reasoning:
“If some part of commerce stays in crypto and moves away from fiat, and you believe in the growth of these companies, then you believe in ETH.”
Price Forecast: $10K–$15K This Cycle, Possibly 100x Over Time
Jackson shared two possible price targets for the current bull cycle, expected to end around March 2026:
- Base case: ETH hits $10,000
- Bull case: ETH hits $15,000 if Layer 2 (L2) adoption and ETF inflows exceed expectations
He added that these projections do not factor in any major growth in:
- DeFi (Decentralized Finance)
- Stablecoins
- Usage of L2 networks by apps like Robinhood or Coinbase
If those elements take off as well, ETH could become a “100-bagger” investment — meaning its value could grow 100x over time.
Key Takeaway
Jackson believes Ethereum is on the verge of a breakout, and most investors haven’t realized it yet. With staking ETFs expected soon, rising institutional adoption, and its foundational role in digital commerce, ETH has the potential to deliver generational returns — from $10K this cycle to possibly $1.5M over the long run.
