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Ethereum’s 2026 prospects: cautious take from Benjamin Cowen
Benjamin Cowen, a well-known crypto analyst, told listeners that Ethereum is unlikely to set a fresh all-time high in 2026 unless Bitcoin’s macro trend turns decisively bullish. Cowen argued on the Bankless podcast that if Bitcoin remains pressured or slips further into a bear market, Ether’s path to record highs would be difficult and any move above the prior peak could be a false breakout or “bull trap.”
Why a reclaim of Ether’s ATH might be deceptive
Cowen noted that while Ether could technically climb back to its all-time high, such a rally might not signal a sustainable market-wide recovery. He warned a renewed surge to the previous peak of $4,878 could be short-lived and followed by a sharp reversal, potentially pushing prices back toward the $2,000 area. That scenario would fit the definition of a bull trap: a price spike that lures investors in before a significant drop.
Price context and percentage move
Ether briefly touched the $4,878 high in August before entering a downtrend that took it near $2,767 in November. At the time of the original report, CoinMarketCap listed ETH around $2,898 — meaning a return to $4,878 would represent about a 40% rally from that level.
Benjamin Cowen appeared on the Bankless podcast on Dec. 23
How Bitcoin and altcoins factor into the outlook
Cowen emphasized that Bitcoin’s trend remains the primary driver for the broader crypto market. If BTC is indeed in a prolonged down cycle, Ethereum and other altcoins are unlikely to decouple and sustain new cycle highs. He singled out Ethereum as the only major altcoin he would consider for an ATH revisit, suggesting many smaller altcoins are "cooked" for this cycle and unlikely to reach fresh peaks if they have not already.
Contrasting views and risk warnings
Other market commentators paint different pictures. Veteran trader Peter Brandt projected a possible decline in Bitcoin to as low as $60,000 by mid-2026, while Fundstrat warned clients of a potential meaningful drawdown that could push Ether into the $1,800–$2,000 range. Conversely, some analysts remain optimistic: Crypto With James has argued Ether might still mount a run toward its previous highs in the near term.
Takeaway for investors
For traders and investors, the message is cautious: monitor Bitcoin’s trend, watch for false breakouts in Ether, and manage position sizing to guard against sharp reversals. Ethereum’s fundamentals remain strong, but macro and market-structure risks could keep a durable new high out of reach in 2026 unless sentiment across Bitcoin and major altcoins improves.
Source: cointelegraph
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