Ethereum unlikely to reach new highs in 2026: Ben Cowen

December 25, 2025

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 said on the Bankless podcast on Tuesday.

It comes after veteran trader Peter Brandt predicted on Dec. 19 that Bitcoin could fall as low as $60,000 by the third quarter of 2026.

However, Cowen said that if Ether (ETH) 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.

Ether reclaiming all-time high would be a 40% jump

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.

At the time of publication, Ether is trading at $2,898, according to CoinMarketCap. A return to its all-time high would represent a 40.59% increase from its current level.

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.

“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 Advisors reportedly warned 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 highs is still on the table.

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