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.
Ethereum last reached its all-time high of $4,878 in August before entering a prolonged downtrend.
After briefly reclaiming that level on August 22, Ether slid steadily lower in the following months.
The decline accelerated into November, when Ether dropped to around $2,767 amid broader market weakness.
The only altcoin that I’m even considering this for is Ethereum. I think a lot of the other altcoins are kind of cooked at this point for the cycle.
Cowen said.
Cowen added that many alternative cryptocurrencies are unlikely to set new records if they have not already done so this cycle.
His cautious outlook aligns with warnings from several institutional research firms.
Fundstrat Global Advisors reportedly cautioned investors on December 17 about the risk of a “meaningful drawdown” in 2026.
He argued that Ether is “not done yet” and could still attempt a move back towards all-time highs.
For now, analysts remain divided on whether any rally in 2026 would represent genuine strength or a temporary trap.
At the time of reporting, Ethereum price was $2,951.43.