Ethereum Could Potentially Reach $1.5 Million Amid Staking ETF Approval and Institutional Demand, Expert Suggests

Key Points

1. Eric Jackson of EMJ Capital projects Ethereum's base price target at $10,000 by the end of the current market cycle, driven by staking ETF approvals.

2. The approval of Ethereum staking ETFs, expected before October, could transform ETH into an institutional-grade asset, increasing demand and reducing circulating supply.

3. Ethereum's deflationary tokenomics and Layer 2 scaling solutions enhance its scarcity and utility, supporting long-term price growth.

4. Ethereum is seen as the backbone of decentralized finance, with potential integration into platforms like CRCL, COIN, SHOP, and HOOD boosting its utility.

5. Crypto analyst Merlijn The Trader notes Ethereum's current price fractal resembles its 2016 trajectory but with stronger tailwinds from ETFs and institutional adoption.

6. Over $100 billion worth of ETH is currently locked, indicating strong accumulation by informed investors.

7. Ethereum's price shows resilience with a 17.7% weekly gain and a 2.73% increase over the past 24 hours, trading around $3,034.