Why is it possible for the value of Ethereum to reach 1.5 million dollars?

Eric Jackson, the founder of EMJ Capital, predicts that the price of Ethereum (ETH) could eventually reach 1.5 million dollars per token.

Jackson believes that the approval of Ethereum-based exchange-traded funds (ETFs) and the growth of cryptocurrency trading could drive the price of the alternative currency higher.

What could drive ETH to 1.5 million dollars?

In his latest analysis, published via X (formerly known as Twitter), Jackson argued that Ethereum is "undervalued." According to him and the EMJ Capital model, the price could reach 10,000 US dollars by the end of this cycle in a base scenario. Furthermore, a bullish scenario suggests it could reach 15,000 US dollars.