Ethereum making a comeback against Bitcoin? Standard Chartered's Geoff Kendrick thinks so. He believes the disconnect between ETH's strong fundamentals and its weak price action is temporary. And honestly, the data backs that up. ETH has dropped 57% from its August 2025 high to around $2,100, with the ETH/BTC ratio falling 37%. But here's the twist: transaction volume and Total Value Locked (TVL) are still near all-time highs. That's not a dying network. That's a sleeping giant. The bank draws a fascinating parallel to Amazon during the 2001 dot-com crash. Back then, everyone thought Amazon was done. It wasn't. They see Ethereum in a similar position right now. Their targets remain unchanged: $4,000 by end of 2026 and $40,000 by end of 2030. That would push the ETH/BTC ratio back to its 2021 peak of roughly 0.08. The real thesis? Ethereum dominates 50-65% of the stablecoin and tokenized real-world asset (RWA) markets. Both sectors are expected to explode in growth. If that happens, the current price weakness will look like a gift in hindsight. Not financial advice, just watching the fundamentals. The infrastructure is there. The adoption is real. The market just hasn't priced it in yet.