Ethereum (ETH) could eventually surge to $1.5 million per token, with its next major rally likely to catch the market by surprise, according to Eric Jackson, founder of EMJ Capital.
In a series of posts on X, Jackson said Ethereum is evolving into a dominant financial infrastructure layer for crypto transactions and, with deflationary tokenomics and upcoming staking ETF approval, it’s significantly undervalued.
“Our analysis suggests the ETH network is underpriced,” Jackson wrote. “Ethereum is quietly becoming the dominant rail system to transact in crypto with deflationary economics.”
ETH Staking ETF Approval Could Be the True Catalyst
While the U.S. SEC approved spot Ether ETFs in July 2024, analysts are now focused on the next phase—approval of staking-enabled ETH ETFs, potentially coming before October 2025.
Jackson argues that this development is not yet priced into the market.
“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 said.
Compared to $6.9 billion in trading volume for U.S. Bitcoin ETFs, Ether ETFs have seen just $1.41 billion, suggesting investor enthusiasm has been relatively muted—until now.
ETH as the Base Layer of Crypto Commerce
Jackson believes ETH's long-term value could soar as more major companies integrate Ethereum for payments, settlement, and smart contract functionality. He cites adoption by:
Circle (USDC stablecoin issuer)
Coinbase (Base L2)
Shopify
Robinhood
“If some part of commerce stays in crypto and moves away from fiat, then you believe in ETH,” Jackson said.
“If this conversion to ETH commerce truly happens, ETH goes to $1.5M over time.”
Base and Bull Case Price Targets for Current Cycle
EMJ Capital’s projections include:
Base case: $10,000 ETH by the end of the current market cycle (likely Q1 2026)
Bull case: $15,000 ETH if L2 adoption and staking flows exceed expectations
Jackson noted that his $1.5 million long-term price target doesn’t even factor in possible DeFi resurgence, stablecoin dominance, or increased use of Coinbase’s and Robinhood’s Ethereum-based infrastructure.
“ETH becomes a 100-bagger if even a fraction of these tailwinds come together,” Jackson concluded.
Ethereum Price Today
As of July 14, Ether (ETH) is trading at approximately $3,040, up 2.8% in 24 hours, supported by broader market momentum. Bitcoin (BTC), meanwhile, hit a new record of $122,811 earlier Monday, reinforcing bullish sentiment across the crypto sector.
