On Sunday, Eric Jackson, the founder and president of Toronto-based hedge fund EMJ Capital posted a thread on X that explained his firm’s bullishness on ether (ETH).
According to Jackson, the market has underestimated the impact of upcoming developments, particularly the anticipated approval of staking for ETH exchange-traded funds (ETFs) by October 2025. He argued that this event, rather than the already-approved ETH ETFs, represents the true catalyst for significant price growth, as it could transform ether into a yield-generating asset attractive to institutional investors.
Jackson explained that his firm’s model anticipates a supply crunch driven by several factors. He highlighted that staking approval would likely lead to increased institutional demand, reduced circulating supply, and passive investment flows from traditional finance. Combined with Ethereum’s deflationary tokenomics post-merge, growing transaction fees from layer-2 solutions, and the rise of real-world asset (RWA) tokenization, he believes these dynamics could significantly boost ETH’s value.
Jackson emphasized that Ethereum’s ability to generate real revenue positions it as an undervalued network, poised to become an institutional-grade yield product rather than merely a speculative asset.
In his analysis, Jackson projected a base case of ether reaching $10,000 by the end of the current market cycle, with a more optimistic scenario of $15,000 or higher if layer-2 adoption and ETF inflows exceed expectations.
He noted that while Bitcoin continues to dominate market attention with its price surpassing $120,000, Ethereum is quietly establishing itself as a critical infrastructure for cryptocurrency transactions.
Jackson also expressed skepticism about the analogy of Ethereum as “digital oil,” instead suggesting that its role as a foundational platform for commerce in a crypto-driven economy aligns it with companies like Circle, Coinbase, Shopify, and Robinhood. His firm remains bullish, maintaining a long position in the $ETHA ETF and plans to update its model as new developments unfold.
With the crypto market struggling today in the wake of the profit-taking that took bitcoin’s price in the past two days from above $123,000 to around $116,000, the ether price is holding up relatively well, down only 0.6% in the past 24-hour period at the time of writing. One reason for that is probably the support from Nasdaq-listed SharpLink Gaming (SBET).
Earlier today, the firm announced via a post on X that it has solidified its position as the largest corporate holder of ether globally, surpassing even the Ethereum Foundation. The company disclosed that between July 7 and July 13, 2025, it acquired approximately 74,656 ETH for roughly $213 million, at an average price of $2,852 per ETH, bringing its total holdings to around 280,706 ETH.
It says that this aggressive acquisition strategy, funded in part by raising $413 million through the sale of 24.5 million shares via its At-The-Market (ATM) facility during the same period, underscores its commitment to making ether its primary treasury reserve asset.
The announcement also highlighted that approximately 99.7% of SharpLink’s ETH holdings are actively staked, generating around 415 ETH in staking rewards since the company launched its ETH-focused treasury strategy on June 2, 2025.
Additionally, SharpLink reported a 23% increase in its proprietary “ETH Concentration” metric since June 13, 2025, reflecting greater ETH exposure per share. This move aligns with the company’s broader vision, articulated by Chairman Joseph Lubin, a co-founder of Ethereum, to position SharpLink at the forefront of digital commerce by leveraging Ethereum’s utility in decentralized finance and blockchain infrastructure.
Technical Analysis
- According to CoinDesk Research’s technical analysis model, ETH-USD showcased very high volatility throughout the 24-hour period from July 14 15:00 UTC to July 15 14:00 UTC, establishing a trading corridor of $132.08 that constituted 4% movement between the session’s floor at $2,933.50 and ceiling at $3,065.45.
- The trading session was characterized by sustained bearish pressure during overnight hours, witnessing ETH’s descent from $3,013.65 to reach the daily nadir of $2,933.50 approximately at 03:00, subsequently entering a lateral consolidation phase within the $2,960-$2,990 bandwidth throughout the majority of the session.
- The pivotal moment materialized during the concluding trading hour as ETH orchestrated a spectacular ascent from $3,000.02 to $3,051.89, accumulating $51.87 gains within a single hour accompanied by extraordinary trading activity of 496,321 units — exceeding twice the 24-hour baseline of roughly 225,000.
- This dynamic surge indicates robust institutional positioning and signals a potential breakthrough beyond the $3,000 psychological barrier that previously constrained upward momentum attempts.
- ETH-USD exhibited extraordinary price action during the final 60 minutes spanning 15 July 13:08 UTC to 14:07 UTC, accelerating from $3,016.75 to achieve a session pinnacle of $3,065.45 before consolidating at $3,047.00, marking a net appreciation of $30.25 or 1%.
- The timeframe showcased a compelling breakout narrative commencing at 13:25 when ETH catapulted from $3,017.89 to $3,026.08, succeeded by persistent bullish momentum that reached its zenith during the 13:42 to 13:50 UTC interval, where valuation skyrocketed from $3,029.14 to $3,065.37 — capturing $36.23 appreciation within an 8-minute window as trading activity surged beyond 21,000 units at 13:46, approaching triple the hourly baseline.
- This powerful advance definitively penetrated the $3,030 resistance threshold and established fresh session peaks, although subsequent profit-realization dynamics surfaced during the concluding 17 minutes, retreating ETH to $3,047.00 amid declining activity that reached zero during the final three minutes, indicating momentary fatigue following the exponential climb.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
