Geoffrey Kendrick, the Global Head of Digital Assets Research at Standard Chartered Bank, released a report on May 28, 2026, comparing the current price trajectory of Ethereum to Amazon’s stock performance during the 2001 dot-com crash. Despite a significant price correction over the last nine months, Standard Chartered Bank argues that Ethereum’s on-chain metrics are detached from its market value, suggesting a massive recovery is inevitable as internal fundamentals improve.
The comparison hinges on a 2018 speech by Amazon founder Jeff Bezos, who noted that while his company’s stock fell from $113 to $6 in 2001, the internal business was actually getting better. Standard Chartered Bank notes that Ethereum is showing similar signs of health. While Ether enters rare accumulation phase in the eyes of some buyers, the bank asserts that price will eventually catch up with these record-high fundamentals.
Geoffrey Kendrick specifically notes that Ethereum recently processed over 200 million transactions in Q1 2026, marking a quarterly record for the network. This high level of activity persists even as the price is currently trading between $1,987 and $2,100, a steep decline from its previous highs.
Market metrics show high Ethereum network productivity
Ethereum has seen a price decline of approximately 57% to 60% from its August 2025 high, which ranged between $4,946 and $4,953. Despite this retreat, the blockchain continues to dominate the decentralized finance (DeFi) sector. Standard Chartered Bank confirmed that Ethereum’s DeFi Total Value Locked (TVL) sits between $43 billion and $45 billion, representing roughly 53% of all global DeFi liquidity.
The network’s utility extends beyond general DeFi applications. Ethereum currently accounts for 54% of stablecoin settlements and 62% of tokenized real-world assets (RWA). Additionally, it hosts 68% of active on-chain loans. As some Ether and XRP face selling pressure, the report suggests these dominance figures indicate the underlying infrastructure is more robust than the market price reflects.
Standard Chartered Bank also highlights the growth potential for stablecoins and RWAs. The bank projects the stablecoin market cap will climb from its current $321 billion to $2 trillion by the end of 2028. Over the same period, the non-stablecoin RWA sector is forecast to grow 50 times its current size, also reaching a $2 trillion valuation.
Long term Ethereum price targets and Bitcoin ratio
Geoffrey Kendrick has set a price target of $4,000 for Ether by the end of 2026. This would require a significant rebound from current levels, though the bank remains confident that the asset will eventually reflect its on-chain growth. For the longer term, the current report projects Ethereum could reach $40,000 by the end of 2030.
It is worth noting that Standard Chartered Bank has adjusted its outlook over time. An earlier report from the firm had previously projected price milestones of $10,000 by the end of 2027 and $18,000 by the end of 2028. These targets reflect the bank’s continued belief in the network’s long-term utility despite shifting market cycles.
The bank is also watching the ETH/BTC ratio, which has declined around 37% since August 2025. Standard Chartered Bank expects this ratio to rebound to approximately 0.08 by the end of this decade. This move would return the pair to a level near its 2021 peak, signaling a period of Ethereum outperformance against Bitcoin that parallels the post-bubble recovery of major tech stocks like Amazon.
Institutional outlook and the path toward 2030
The current “battered” state of Ethereum is viewed by the bank as a temporary disconnect. Just as Amazon’s split-adjusted stock price was under $0.30 in 2001 and has since multiplied 1,000 times, the report suggests Ethereum’s current range near $2,000 may eventually be seen as a historical low. While analysts warn of correction risks in the wider crypto market, Standard Chartered Bank maintains that “price will eventually catch up with fundamentals.”
Geoffrey Kendrick also addressed the regulatory environment, noting that a maturing framework could help stabilize the market. This structural shift is expected to support the massive projected growth in stablecoins and tokenized assets through 2028. With the network continuing to set transaction records, the bank’s thesis suggests that the current market weakness is a precursor to a long-term expansion phase.
Ethereum remains the primary settlement layer for the majority of on-chain activity. If the bank’s projections for a $2 trillion RWA market prove accurate, the network’s current 62% share of that sector positions it as the central player in the next phase of digital finance. Standard Chartered concludes that for patient investors, the current market dynamics are a matter of time rather than a lack of value.