Standard Chartered has slashed its ETH price target for the end of 2025 from $10,000 to $4,000 in its latest research report, arguing that Ethereum is facing a structural decline. Standard Chartered pointed out that this decision was made due to the following points: 1. L2 expansion weakens ETH market cap: Layer 2 (L2), which was originally used to improve the scalability of Ethereum, such as Coinbase's Base, has caused ETH market cap to evaporate 50 billion dollars and may continue to affect its market dominance The ETH/BTC ratio is expected to continue to decline: Standard Chartered forecasts that the ETH/BTC ratio will fall to 0.015 by the end of 2027, the lowest level since 2017. 3. Future growth may rely on RWA: If real-world asset (RWA) tokenization progresses rapidly, ETH may still maintain its 80% security market share, but the Ethereum Foundation needs to adopt more aggressive business strategies (such as taxing L2), but this is less likely. (CoinDesk)