Analyst Eric Jackson forecasts significant growth for Ethereum, which may reach $10,000 by the end of the current cycle, driven by new staking opportunities in ETFs.
The Staking Catalyst
According to Eric Jackson, founder of EMJ Capital, Ethereum (ETH) could hit $10,000 by the end of the current cycle. He notes that the growth is fueled not only by expected exchange-traded funds (ETFs) but by the anticipated approval of staking. Jackson argues that while the market believes the impact of spot Ethereum ETF is already priced in, the real game-changer lies in the staking approval. This could attract significant passive capital from traditional finance, providing institutions with a real yield as high as 3.5%. As a result, the circulating supply of ETH would decrease, exacerbating the existing deflationary tokenomics.
Skepticism and Criticism
Jackson's bold prediction faced skepticism. Some commentators pointed out that Ethereum would not be the first U.S.-listed staking crypto ETF, as that honor goes to the REX-Osprey Solana (SOL) ETF. Additionally, there are criticisms regarding Ethereum's technical foundation, with some labeling it a ‘technical mess’. Despite this, Jackson remains optimistic, stating that if ETH becomes the dominant transactional layer for crypto-commerce, it could reach $1.5 million.
Current Ethereum Metrics
At the time of writing, Ethereum is trading around $3,045, reflecting a modest 2% uptick in the last 24 hours and a 19.5% gain over the past week. The numbers are even more impressive over longer time frames, with ETH up 23.8% in two weeks and 86.7% over the last three months.
The growth forecasts for Ethereum depend on several factors, including the potential approval of staking in ETFs. Despite skepticism, Jackson highlights the significant future potential of the asset.
