BlockBeats News, May 28th. Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered Bank, released a report drawing a parallel between Ethereum's current situation and Amazon during the bursting of the 2001 Internet bubble. He referenced Bezos's quote that "a stock is not the company, and the company is not the stock," indicating that despite ETH's price retracement of about 57% from its August 2025 high to around $2000, Ethereum's on-chain core metrics — transaction count and TVL in ETH terms — are both approaching all-time highs. The divergence between fundamentals and price is deemed unsustainable. Kendrick believes ETH will eventually catch up with the improvement in internal metrics and reaffirmed price targets of $4000 by the end of 2026 and $40,000 by the end of 2030.

The core of the bullish thesis lies in Ethereum's dominant position in the stablecoin and tokenized RWA field: currently, 54% of stablecoins are deployed on Ethereum, contributing to about one-third of this year's on-chain transactions and 60% of TVL. The total market cap of stablecoins is expected to grow sixfold to around $20 trillion by the end of 2028. Meanwhile, Ethereum supports approximately 62% of RWAs and 68% of on-chain loans, with this sector poised for a 50x increase. Additionally, the upcoming Ethereum Economic Zone will reduce reliance on cross-chain bridges and enhance ecosystem composability. Progress in U.S. crypto market structure legislation is also seen as a key driver supporting Ethereum's long-term activity and ETH price.