Standard Chartered's analyst Geoff Kendrick expresses a strong long-term bullish outlook for Ethereum, asserting that the current price drop does not reflect its internal metrics. Ethereum has fallen 57% from its August 2025 high, now trading around $2,100, with the ETH-BTC ratio down 37%. Despite this, Kendrick highlights that transaction volumes and total value locked in Ethereum are nearly at all-time highs. He compares Ethereum's situation to Amazon during the 2001 dot-com crash, suggesting that while prices may be declining, the underlying fundamentals remain robust. Standard Chartered maintains its price forecasts of $4,000 by the end of 2026 and $40,000 by the end of 2030, indicating a potential return to the ETH-BTC ratio highs of 0.08 seen in 2021. The bank's optimism is partly based on Ethereum's significant presence in the stablecoin and tokenized asset markets, which are expected to grow substantially, with stablecoin market cap projected to increase sixfold by 2028.