Ethereum

Bitcoin

would

James

Ethereum is unlikely to hit new highs in the coming year, given the current conditions for Bitcoin, says crypto analyst Benjamin Cowen.
“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 <a href="https://www.youtube.com/watch?v=qyD63PNaFl0" rel="noopener noreferrer nofollow" target="_blank">said</a> on the Bankless podcast on Tuesday.&nbsp;
It comes after veteran trader Peter <a href="https://cointelegraph.com/news/us-clarity-act-bitcoin-price-action-peter-brandt-crypto-trader" rel="noopener noreferrer nofollow">Brandt predicted</a> on Dec. 19 that Bitcoin could fall as low as $60,000 by the third quarter of 2026.
However, Cowen said that if Ether (<a href="/ethereum-price" rel="noopener noreferrer">ETH</a>) does manage to reclaim its $4,878 all-time high, which it last reached in August, it could turn out to be a “bull trap,” with a sharp downward reversal to $2,000 following a surge in price.
<h2 id="ether-reclaiming-all-time-high-would-be-a-40-jump">Ether reclaiming all-time high would be a 40% jump</h2>
Ethereum briefly reclaimed its 2021 all-time high of $4,878 on Aug. 22, before sliding into a downtrend that saw it drop to $2,767 in November.&nbsp;
At the time of publication, Ether is trading at $2,898, <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow" target="_blank">according</a> to CoinMarketCap. A return to its all-time high would represent a 40.59% increase from its current level.
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 <img alt="Ethereum, Bitcoin Price, Ether Price" src="https://s3.cointelegraph.com/uploads/2025-12/019b58b8-cb9a-7f54-9ab7-de0e220cc2b0.png" title="">
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 Benjamin Cowen appeared on the Bankless podcast on Dec. 23. Source: <a href="https://www.youtube.com/watch?v=qyD63PNaFl0" rel="noopener noreferrer nofollow" target="_blank">Bankless</a>
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However, Cowen emphasized the scenario isn’t impossible for Ether, but it probably wouldn’t trigger a domino effect across the broader crypto market next year.
Related: <a href="https://cointelegraph.com/news/ethereum-2026-glamsterdam-hegota-fork-scaling" rel="noopener noreferrer nofollow">Ethereum in 2026: Glamsterdam and Hegota forks, L1 scaling and more</a>
“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,” he said, adding that it’s unlikely they’ll reach new highs this cycle if they haven’t already.
Fundstrat Global <a href="https://cointelegraph.com/news/fundstrat-circulating-2026-crypto-outlook-pullback-tom-lee" rel="noopener noreferrer nofollow">Advisors reportedly warned</a> its investors on Dec. 17 about a potential “meaningful drawdown” in 2026, which could see Ether decline to between $1,800 and $2,000.
Meanwhile, crypto analyst Crypto With James said on Dec. 16 that Ether is “not done yet” and a near-term move back toward all-time <a href="https://cointelegraph.com/magazine/bitcoin-price-critical-level-ether-price-surge-chances-speculation-trade-secrets/" rel="noopener noreferrer nofollow">highs is still on the table</a>.
Magazine: <a href="https://cointelegraph.com/magazine/big-questions-will-bitcoin-survive-10-year-power-outage/" rel="noopener noreferrer nofollow">Big questions: Would Bitcoin survive a 10-year power outage?</a>

Ethereum unlikely to reach new highs in 2026: Ben Cowen

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