Standard Chartered Says Ethereum Metrics Support ETH Price Rebound

TLDR

• Standard Chartered said Ethereum’s weak price does not match its strong network activity.
• Geoffrey Kendrick compared Ethereum’s current setup to Amazon after the 2001 tech crash.
• Kendrick said Ethereum transaction numbers and TVL in ETH terms remain near record highs.
• Standard Chartered kept its Ether targets at $4,000 for 2026 and $40,000 for 2030.
• Kendrick said stablecoins and tokenized real-world assets could support more Ethereum activity.

Ethereum has drawn fresh bullish backing from Standard Chartered despite Ether’s steep price decline from last year’s high.

Standard Chartered’s Global Head of Digital Assets Research, Geoffrey Kendrick, said Ethereum’s market price has moved away from its onchain strength. In a Thursday report, Kendrick compared Ether’s current setup with Amazon during the 2001 dot-com crash.

Kendrick cited Jeff Bezos’ past remarks about Amazon’s share collapse after the tech bubble burst. Bezos had said Amazon’s stock dropped sharply while the company’s internal business metrics kept improving.

According to Kendrick, Ethereum now faces a similar gap between price and network activity. He said ETH has fallen about 57% from its August 2025 high to nearly $2,000. He also said the ETH-Bitcoin ratio has dropped around 37% over the same period.

Standard Chartered Sees Strong Ethereum Metrics

Kendrick said Ethereum’s transaction count and total value locked in ETH terms remain close to record highs. He argued that these figures show stronger network use, even as Ether trades far below its recent peak.

The Standard Chartered analyst kept his long-term Ether targets unchanged. Kendrick expects ETH to reach $4,000 by the end of 2026. He also repeated his forecast that ETH could rise to $40,000 by the end of 2030.

In the same report, Kendrick said the ETH-Bitcoin ratio could return toward its 2021 high near 0.08 by decade-end. He tied that view to Ethereum’s role in stablecoins, tokenized assets, and decentralized finance.

Stablecoins Remain Central to the Bullish Case

Kendrick said stablecoins form a major part of Ethereum’s long-term value case. He projected the stablecoin market could expand to about $2 trillion by late 2028. He said the market currently stands near $321 billion.

According to Kendrick, Ethereum hosts 54% of all stablecoins. He also said stablecoins made up about one-third of Ethereum transactions in 2026 year-to-date. In addition, he said stablecoins account for 60% of gross TVL on the network.

Kendrick expects that stablecoin growth will bring more activity into Ethereum. He said this could support higher ETH prices over time.

Standard Chartered also pointed to tokenized real-world assets as another major factor. Kendrick repeated his forecast that non-stablecoin RWAs could grow 50 times to $2 trillion by 2028.

According to Kendrick, Ethereum currently hosts about 62% of RWAs. He also said Ethereum supports 68% of active onchain loans.

Kendrick said this sector could lift Ethereum’s transaction numbers and TVL further. He expects those metrics to continue setting records if RWA adoption grows as forecast.

Regulation and Network Design Could Support Activity

Kendrick also highlighted the planned Ethereum Economic Zone. He said the EEZ could help assets move more easily across the Ethereum ecosystem.

According to Kendrick, the system could reduce dependence on blockchain bridges. He said bridge-related risks matter because hackers have often targeted them.

On regulation, Kendrick pointed to U.S. progress around the Clarity Act. He said clearer digital asset rules could help decentralized finance and Ethereum activity grow.

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