- Standard Chartered analyst Geoffrey Kendrick argues Ethereum‘s strong internal fundamentals will eventually propel its price, drawing a parallel to Amazon‘s post-dot-com recovery.
- Ethereum’s market dominance is anchored in stablecoins, which account for one-third of its transactions, and tokenized real-world assets, where it commands over 60% of the market.
- Despite this positive outlook, ETH price fell below $2,000 amid a broader crypto selloff and sustained outflows from spot Ethereum ETFs.
- The bank maintains long-term bullish forecasts, projecting ETH could reach $18,000 by the end of 2028 and $40,000 by the end of 2030.
During Thursday’s midday trading, Ethereum (ETH) price fell nearly 4% to around $1,987, mirroring a broader market decline. However, Standard Chartered analyst Geoffrey Kendrick contends the network’s underlying health remains robust, likening the situation to Amazon’s experience after the dot-com bust.
Kendrick noted, “While the stock price was going the wrong way, everything inside the company was going the right way,” a dynamic he sees repeating with ETH. Consequently, he believes ETH’s price will inevitably “catch up to the internal metrics,” just as Amazon’s stock soared after its 2001 lows.
Ethereum’s strength stems from its grip on key crypto sectors. Specifically, 54% of all stablecoins reside on Ethereum, constituting about one-third of its 2026 transactions and 60% of its total value locked (TVL). Furthermore, the network hosts roughly 62% of tokenized real-world assets and 68% of active on-chain loans.
Standard Chartered projects massive growth for these segments. Meanwhile, the overall cryptocurrency market cap fell 2.9% to $2.53 trillion, erasing nearly $1 billion in leveraged positions. This selloff intensified after a downward revision of U.S. Q1 GDP.
Spot Ethereum exchange-traded funds (ETFs) faced continued pressure, data showed over $67 million in outflows on Wednesday. BlackRock’s iShares Ethereum Trust led the exits with $65 million in redemptions.
Despite the price weakness, the bank reaffirmed its long-term forecasts. It projects ETH could reach $4,000 by end-2026, $10,000 by end-2027, and $18,000 by end-2028.
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