Ethereum is unlikely to reach new highs next year due to ongoing weakness in Bitcoin, according to crypto analyst Benjamin Cowen.
Speaking on the Bankless podcast on Tuesday, Cowen said that if Bitcoin remains in what appears to be a bear market, it would be difficult for Ethereum to stage a sustained rally. “If Bitcoin truly is in a bear market—which is what it feels like—it would be kind of hard for Ethereum to move higher,” he said.
Cowen’s comments follow a Dec. 19 forecast from veteran trader Peter Brandt, who suggested Bitcoin could decline to as low as $60,000 by the third quarter of 2026.
Cowen added that even if Ether were to reclaim its all-time high of $4,878—last reached in August—it could end up being a “bull trap,” potentially followed by a sharp reversal toward the $2,000 level.
Ethereum briefly surpassed its 2021 record high on Aug. 22 before entering a downtrend that pushed its price down to $2,767 in November. At the time of writing, Ether is trading at $2,898, according to CoinMarketCap. A return to its all-time high would require a gain of roughly 40.6% from current levels.
Cowen noted that while such a scenario isn’t impossible for Ether, it would likely be an isolated move rather than a catalyst for a broader crypto market rally next year.
“The only altcoin I’m even considering this for is Ethereum,” he said. “I think many of the other altcoins are essentially done for this cycle,” adding that those which have not already set new highs are unlikely to do so before the cycle ends.
Fundstrat Global Advisors reportedly cautioned investors on Dec. 17 about the risk of a “meaningful drawdown” in 2026, warning that Ether could fall to the $1,800–$2,000 range.
In contrast, crypto analyst Crypto With James said on Dec. 16 that Ethereum’s rally may not be over yet, suggesting a near-term return toward all-time highs remains possible.
