Ethereum Price Weakness Mirrors Amazon's 2001 Lows, Analyst Predicts 1,000-Fold Increase

Standard Chartered's analyst Geoffrey Kendrick drew parallels between Ethereum's (ETH) current price weakness and Amazon's (AMZN) stock performance during the dot-com bust. According to Kendrick, just as Amazon's internal metrics were strong despite its weak stock price in 2001, Ethereum's internal metrics remain robust despite its prolonged price decline.

Kendrick noted that Amazon's share price has risen roughly 1,000-fold since its lows during the dot-com bust, adjusted for splits. He believes a similar scenario could play out with Ethereum, which has seen its price fall nearly 4% in the last 24 hours to around $1,987.

Ethereum's grip over two of the fastest-growing segments in crypto, stablecoins and tokenized real-world assets, is a key factor behind Standard Chartered's bullish outlook. Kendrick pointed out that stablecoins account for around one-third of all Ethereum transactions this year and 60% of gross total value locked (TVL) on the network.