Standard Chartered Compares Ethereum Downturn to Amazon in 2001

Standard Chartered is comparing the recent price decline of Ethereum to the performance of Amazon during the 2001 dot-com bubble burst [1]. The bank suggests that Ethereum’s current market valuation does not accurately reflect the ongoing improvement of its internal network metrics [2].

Key takeaways

• Standard Chartered maintains price targets of $4,000 for Ethereum by the end of 2026 and $40,000 by 2030 [3].
• Analyst Geoffrey Kendrick argues that Ethereum’s price is currently lagging behind its fundamentals, such as transaction counts and total value locked [1].
• The bank expects the stablecoin market cap to grow to approximately $2 trillion by 2028, with Ethereum serving as a primary settlement layer [2].
• The comparison to Amazon is based on the idea that a company’s stock price can fall significantly while the underlying business continues to strengthen [3].

Parallels to the Dot-Com Era

Geoffrey Kendrick, the global head of digital assets research at Standard Chartered, drew on a 2018 speech by Jeff Bezos to explain his outlook on Ethereum [1]. Bezos noted that while Amazon’s stock price fell from $113 to $6 during the 2001 tech crash, the company’s internal business metrics were consistently improving [1]. Kendrick believes Ethereum is in a similar position, as its on-chain activity, including stablecoin settlement and tokenized real-world assets, remains near record highs despite the asset's recent price volatility [3].

Ethereum has experienced a significant decline, falling nearly 60% from its August 2025 all-time high [1]. Amid this selloff, the price of the token has at times slipped below the $2,000 support level [1]. Despite these market conditions, the bank remains optimistic about the long-term trajectory of the asset, citing the upcoming "Ethereum Economic Zone" as a potential catalyst that could facilitate freer asset movement across the ecosystem [1].

Regulatory and Market Catalysts

The bank’s bullish thesis relies on the assumption that Ethereum will maintain its dominance in the stablecoin and tokenized real-world asset sectors [2]. Kendrick suggests that as these sectors expand, the resulting increase in network activity will drive higher demand for the Ethereum base layer, eventually influencing the token's price [3].

However, the bank’s projections are contingent on future developments in policy and regulation [3]. Kendrick noted that clarity regarding stablecoin regulation and potential changes in securities law could serve as essential catalysts for institutional adoption [3]. While some observers have pointed to the bank's history of mixed results with past crypto forecasts, the current analysis emphasizes that Ethereum’s role as a "backbone" for new financial infrastructure remains a key driver for its long-term valuation [3].

Why it matters