Standard Chartered analyst Geoff Kendrick remains optimistic about the long-term outlook of ethereum:native, believing that the disconnect between the improvement in the token's internal metrics and the lag in price is temporary, and that the price will close the gap in due time.

Ethereum has dropped 60% from its peak in August 2025, to around $2,000, while the ETH-BTC ratio has declined by 38% during the same period.

Nonetheless, Kendrick points out that transaction volumes and the total value locked in ETH terms are still close to all-time highs.

To explain the discrepancy between fundamentals and price, Standard Chartered likens it to Amazon during the burst of the internet bubble in 2001, quoting Jeff Bezos' view: "While the stock price is heading in the wrong direction, everything internally is moving in the right direction."

The bank states that it believes "this applies equally to the current #ETH price," and that "the ETH price has significant room to rebound to the levels reflected by internal metrics."

Standard Chartered reaffirms its price predictions for ETH: $4,000 by the end of 2026 and $40,000 by the end of 2030. The bank states that these targets will bring the ETH/BTC ratio back to around 0.08, similar to highs in 2021.

The bullish argument is partly based on ETH's dominance in the stablecoin and RWA sectors, with Standard Chartered forecasting significant growth in both market segments.

The bank anticipates that by the end of 2028, the market capitalization of stablecoins will grow sixfold, while non-stablecoin RWA will increase fiftyfold during the same period.

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