Ethereum is unlikely to reach new all-time highs in 2026 given current market conditions, according to crypto analyst Benjamin Cowen.
Cowen said Ether’s prospects are closely tied to Bitcoin’s broader market direction rather than its own standalone momentum.
If Bitcoin truly is truly in a bear market, which is what it feels like, it would be kind of hard for Ethereum to go up there.
Cowen said.
His comments were made during an appearance on the Bankless podcast earlier this week.
The remarks follow a separate warning from veteran trader Peter Brandt, who suggested Bitcoin could fall as low as $60,000 by the third quarter of 2026.
Cowen argued that a sustained Bitcoin downturn would likely cap upside potential across major altcoins.
He added that even if Ether manages to revisit its previous peak, the move could prove deceptive rather than durable.
Cowen said that a return to Ethereum’s all-time high could ultimately be a “bull trap,” followed by a sharp reversal.
He warned that such a scenario could see Ether retreat rapidly towards the $2,000 level after a brief surge.