Foreign media reports that Geoffrey Kendrick, head of digital asset research at Standard Chartered Bank, compared Ethereum's current situation to Amazon's after the bursting of the dot-com bubble in 2001, believing that...ETH price has not yet reflected fundamentals.The article's core argument is that a price pullback does not necessarily indicate a corresponding weakening of Ethereum network activity.

Maintain medium- to long-term target price

In his client report, Kendrick maintained his two targets for ETH: $4,000 by the end of 2026 and $40,000 by 2030. As the article states, this assessment is based on expectations of stablecoin expansion, the tokenization of real-world assets, and an improved regulatory environment.

He cited Bezos's statement from around 2001, emphasizing that "stock price is not equal to the company itself," thereby illustrating that market prices may temporarily lag behind business and network development. The article states that Standard Chartered's logic is that while Ethereum's price has fallen below $2,000 in recent years, on-chain activity, stablecoins, and DeFi-related metrics have not deteriorated in tandem.

Stablecoins and tokenization are the supporting factors

Standard Chartered's digital assets team predicts that the stablecoin supply in this cycle could reach $2 trillion, with a significant portion of the activity expected to occur on the Ethereum network. Kendrick believes that if more settlement and asset issuance continue on Ethereum, demand at the base layer, the fee market, and staking structures could all support token valuations.

The article also mentions that Standard Chartered had previously lowered some of its medium-term dollar targets, but at the same time stated that Ethereum's prospects have improved compared to Bitcoin. This was based on factors including evolving throughput capacity, DeFi activity, stablecoin usage, and increased regulatory maturity.

Regulatory expectations remain a variable.

However, this analogy has not been universally accepted. The report mentions that Standard Chartered's past judgments in the crypto market have not always been accurate, therefore the market remains skeptical about its long-term goals.

The article argues that this bullish outlook heavily relies on clearer stablecoin regulations, tokenization mechanisms, and securities law adjustments in the US and other major jurisdictions. If these conditions are not met, Ethereum's price may continue to be influenced by ETF inflows, interest rate expectations, and Bitcoin's price movements.

Currently, Ethereum remains in the $2,000 range, and its market capitalization is significantly lower than its 2021 high, still far from Standard Chartered's medium- to long-term targets. Foreign media reports that Standard Chartered's core view is not that a short-term rebound has occurred, but rather that the market will eventually reprice Ethereum's on-chain fundamentals.