Standard Chartered Sees Ethereum Price at $40,000 Despite ETH Slump

Key Takeaways

• Standard Chartered maintained its Ethereum price
prediction of $4,000 by the end of 2026 and $40,000
by 2030 despite ETH’s recent underperformance
• The bank compared Ethereum’s current setup to
Amazon after the 2001 dot-com crash, arguing
that internal network metrics continue improving
• Ethereum whales holding at least 100,000 ETH
now control over 22% of the supply, as stablecoin
and DeFi activity remain near record highs

Ethereum (ETH) has struggled to keep pace with Bitcoin (BTC) this year. But Standard Chartered says the weakness in the ETH price does not reflect what is happening on the network itself. The bank’s latest Ethereum price prediction comes as transaction activity, stablecoin usage, and total value locked on Ethereum remain strong despite the token trading well below its 2025 highs.

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Why Standard Chartered Compared Ethereum to Amazon After the Dot-Com Crash

In a recent research note, Geoffrey Kendrick, head of digital assets research at Standard Chartered, compared Ethereum’s current situation to Amazon after the dot-com crash in the early 2000s. His argument is fairly simple. Amazon’s stock collapsed back then, even while the company’s business metrics kept improving. Kendrick believes Ethereum is showing a similar disconnect today, where network activity continues growing while the token price lags behind. He added,

“I also note AMZN share price (once adjusted for stock splits) has multiplied 1000x since the 2001 lows. ETH will catch up to the internal metrics, it is just a matter of time.”

The bank maintained its Ethereum price target of $4,000 by the end of 2026 and $40,000 by 2030. According to the report, Ethereum’s transaction count and total value locked are still close to record levels even after ETH fell sharply from its 2025 peak.

At press time, ETH was trading at $2,002.96 following a dainty rise of 0.61% over the past 24 hours. It should be noted that the altcoin is priced nearly 60% below its all-time high of $4,953.73.

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Whale Wallets Continue Adding ETH

On-chain data also suggests larger holders have been accumulating during the recent pullback. Analytics platform Santiment said wallets holding at least 100,000 ETH now control more than 22% of Ethereum’s supply, the highest level in several weeks.

A major part of the bank’s ETH forecast is tied to Ethereum’s role in stablecoins and tokenized assets. Standard Chartered expects the stablecoin market to grow significantly over the next few years, with Ethereum still handling a large share of that activity.

Ethereum also remains the largest network for decentralized finance by total value locked, according to DefiLlama data.

Short-term sentiment around ETH is still mixed, with traders heavily active in futures markets. Despite this, Standard Chartered’s view is that Ethereum’s long-term network growth will eventually be reflected in the price.

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