• Standard Chartered said that Ethereum’s internal metrics remain strong despite weak price performance.

• Analyst Geoffrey Kendrick said Ethereum’s price would eventually “catch up” to the network’s underlying fundamentals over time.

• The report noted that Amazon’s stock, adjusted for splits, has risen roughly 1,000-fold since its lows during the dot-com bust.

Amazon (AMZN) founder Jeff Bezos once said that while AMZN’s stock was going the wrong way, everything inside the company was going the right way. Standard Chartered thinks that’s exactly what’s happening to Ethereum (ETH) right now.

“ETH will catch up to the internal metrics, it is just a matter of time,” Standard Chartered analyst Geoffrey Kendrick said over email. “I also note AMZN share price, once adjusted for stock splits, has multiplied 1000x since the 2001 lows.”

Ethereum’s price fell nearly 4% in the last 24 hours to around $1,987 in midday trade on Thursday amid Bitcoin’s (BTC) slide to under $73,000. It was among the top trending tickers on Stocktwits. Retail sentiment on the platform around the leading altcoins remained in ‘bearish’ territory over the past day, accompanied by ‘high’ levels of chatter.

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The overall cryptocurrency market fell 2.9% to around $2.53 trillion, wiping out nearly $1 billion in leveraged positions. The crypto selloff worsened after U.S. gross domestic product (GDP) for the first quarter (Q1) was revised lower to 1.6% from 2%, missing analyst estimates, even has personal consumption expenditure (PCE) reported in line with market expectations.

Standard Chartered Sees ‘Amazon 2001’ Setup In Ethereum

Describing Amazon during the 2001 dot-com bust, Jeff Bezos said, “While the stock price was going the wrong way, everything inside the company was going the right way.” Kendrick stated the same dynamic is playing out with ETH today.

AMZN’s stock edged 0.85% lower in midday trade on Thursday, trading at around $270. In 2001, the tech bubble collapse had send the stock price to under $0.30 per share.

Standard Chartered’s bull case rests on Ethereum’s grip over two of the fastest-growing segments in crypto. Kendrick noted that 54% of all stablecoins are currently on Ethereum, and that stablecoins account for around one-third of all Ethereum transactions in 2026 year-to-date, as well as 60% of gross total value locked (TVL) on the network. Standard Chartered projects the stablecoin market cap will increase sixfold from current levels by end-2028. It currently stands near $321 billion.