Ethereum Price Prediction: Could ETH Reach $1.5 Million? EMJ Capital Thinks So

Ethereum (ETH) could be on track for one of the most impressive price rallies in crypto history. According to Eric Jackson, founder of EMJ Capital, ETH could eventually reach $1.5 million per token if key catalysts such as staking-enabled ETFs and mainstream adoption take hold.

Jackson recently shared a detailed outlook, stating: “Ethereum is quietly becoming the dominant rail system to transact in crypto, with deflationary economics that are still underappreciated.”

The Real Catalyst: Staking-Enabled ETFs

While U.S. regulators approved spot Ether ETFs in July 2024, ETF trading volume has been modest compared to Bitcoin’s. So far, ETH ETFs have recorded $1.41 billion in volume, compared to $6.9 billion for Bitcoin ETFs.

“The real catalyst is still ahead: staking approval, expected before October,” Jackson explained.

BTW, I hate the term “digital oil” for ETH (as a counter for BTC as digital gold analogy)….

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,…

— Eric Jackson (@ericjackson) July 13, 2025

Once staking becomes available inside an ETF wrapper, ETH becomes more than just a utility token. It transforms into a productive, yield-bearing institutional asset. This shift could significantly increase staking demand, reduce circulating supply, and enhance deflationary pressure—a combination that could fuel long-term price growth.

Ethereum Could Become the Backbone of Global Commerce

Jackson believes Ethereum’s core strength lies in its adoption by major financial and technology firms. Companies such as Circle, Coinbase, Shopify, and Robinhood all integrate or provide access to the Ethereum network.

“If you believe some portion of global commerce moves away from fiat and stays in crypto, then you believe in ETH,” he said.

This scenario—dubbed “ETH commerce“—could drive long-term price appreciation. If Ethereum becomes the underlying infrastructure for digital transactions, ETH could hit $1.5 million over time, Jackson added.

ETH Could Be a “100-Bagger” in the Right Conditions

According to EMJ Capital, the base case for Ethereum puts the token at $10,000 by the end of the current market cycle (likely March 2026). The more optimistic bull case projects a price of $15,000, assuming layer 2 adoption and ETF staking approval both exceed expectations.

However, Jackson emphasized that his $1.5M scenario doesn’t even assume explosive growth in DeFi, stablecoin usage, or layer 2 rollouts from platforms like Robinhood and Coinbase.

“With those included, Ethereum becomes a 100-bagger investment,” he noted.

Key Takeaways

• Staking-enabled Ether ETFs, expected before October, are seen as the real price catalyst.
• Ethereum’s deflationary model and institutional-grade yield potential could transform how it’s valued.
• Long-term growth in ETH-based commerce could push the price toward $1.5 million.
• EMJ Capital’s base case targets $10,000 ETH by March 2026; the bull case sees $15,000.
• If DeFi and L2s also break out, Ethereum could become a once-in-a-generation “100x” asset.

Ethereum’s next chapter may not just be about being a smart contract platform — it could evolve into the financial foundation of the digital world. As institutional products mature and adoption spreads, ETH could become far more valuable than most realize today.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.