BlockBeats report: On May 28, Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered, released a report comparing Ethereum’s current situation to Amazon during the dot-com bubble burst in 2001. Citing Bezos’s famous quote, “Stocks are not companies, and companies are not stocks,” he noted that although ETH’s price has declined approximately 57% from its August 2025 high to around $2,000, Ethereum’s core on-chain metrics—transaction volume and TVL denominated in ETH—are nearing all-time highs. This divergence between fundamentals and price is unsustainable. Kendrick believes ETH will eventually catch up to its improving internal metrics and reaffirmed his price targets of $4,000 by end-2026 and $40,000 by end-2030.
The core bullish thesis lies in Ethereum's dominance in the stablecoin and tokenized RWA sectors: currently, 54% of stablecoins are deployed on Ethereum, accounting for approximately one-third of on-chain transactions and 60% of TVL this year, with total stablecoin market cap projected to grow sixfold to around $2 trillion by the end of 2028; meanwhile, Ethereum hosts about 62% of RWA and 68% of on-chain lending, a segment expected to experience 50x growth. Additionally, the upcoming Ethereum Economic Zone will reduce reliance on cross-chain bridges and enhance ecosystem composability, further bolstered by progress in U.S. legislative frameworks for the crypto market—all seen as key drivers supporting Ethereum’s long-term activity and ETH price.