Why is Standard Chartered bullish on Ethereum despite weak price performance?

Standard Chartered believes Ethereum's network fundamentals remain strong even though ETH is trading well below its 2025 highs. The bank argues that network activity, transaction volume and ecosystem growth remain robust, creating a gap between usage and market valuation that could eventually close.

What price targets has Standard Chartered set for Ethereum?

Standard Chartered reaffirmed its forecast of $4,000 for ETH by the end of 2026 and $40,000 by 2030. These projections assume Ethereum's network growth continues and the ETH/BTC ratio eventually returns to levels seen during the 2021 cycle.

Why has Ethereum fallen despite strong network activity?

Ethereum has struggled with weak investor sentiment, ETF outflows and concerns about whether network growth directly benefits ETH holders. While usage remains strong, many investors question whether value is accruing to the token itself.

What did Standard Chartered compare Ethereum to?

The bank compared Ethereum's current situation to Amazon during the dot-com crash. The argument is that the underlying business and network fundamentals may be improving even while the market price remains under pressure.

How important are stablecoins to Ethereum's long-term outlook?

Ethereum remains the leading settlement layer for stablecoins and tokenised real-world assets. Standard Chartered expects stablecoin market capitalisation to grow to roughly $2 trillion by 2028, which could strengthen Ethereum's position within digital finance.

What are tokenised real-world assets and why do they matter?

Tokenised real-world assets (RWAs) are traditional assets such as bonds, real estate and funds represented on blockchain networks. Ethereum currently hosts a large share of this market, making RWA growth a potentially important driver of future network activity.

What concerns are weighing on Ethereum investors?

Investors remain concerned about persistent ETH ETF outflows, declining DeFi value locked and uncertainty around value capture. Some critics argue that lower transaction fees and layer-2 scaling solutions reduce the amount of economic value flowing back to ETH.

How have Ethereum ETFs performed recently?

US spot Ethereum ETFs recorded approximately $67.1 million in net outflows on May 27 and have experienced multiple consecutive days of withdrawals. This trend suggests institutional demand remains weaker than many investors expected.

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Ethereum Network strength supports bullish outlook

Written by Isaac FrancisPublished May 29, 2026, 2:29 AM

Standard Chartered has reiterated its bullish outlook for Ethereum, arguing that the cryptocurrency’s price could eventually catch up with network fundamentals that remain close to record levels.

The bank’s digital assets research team said Ethereum continues to demonstrate strong transaction activity and on-chain usage despite Ether trading below $2,000 and roughly 57% beneath its August 2025 peak above $4,800.

Geoff Kendrick, Standard Chartered’s global head of digital assets research, reaffirmed the bank’s forecast of $4,000 for ETH by the end of 2026 and $40,000 by 2030, implying a significant recovery in Ethereum’s valuation relative to Bitcoin.

Kendrick compared Ethereum’s current situation to Amazon during the dot-com downturn, arguing that network development and adoption continue to progress even though market sentiment remains weak.

The report highlighted Ethereum’s position as the leading settlement layer for stablecoins and tokenised real-world assets, with the bank projecting both markets could grow to approximately $2 trillion each by 2028.

Despite those positive indicators, Ethereum continues to face headwinds including ETF outflows, declining decentralised finance value locked and concerns that increasing network activity does not automatically translate into stronger demand for ETH.

The mixed backdrop has left investors debating whether Ethereum’s expanding role in digital finance will ultimately drive long-term price appreciation, or whether Bitcoin will continue to dominate capital flows across the broader cryptocurrency market.

At the time of reporting, Ethereum price was $2,006.77.