The turbulent year of 2025 is drawing to a close. Bitcoin (BTC) and altcoins experienced both sharp rises and sharp falls.
One of them was Ethereum (ETH). After reaching a new all-time high in August, ETH subsequently experienced sharp declines, falling to levels around $2,600.
While analysts generally predict Ethereum is oversold and has bottomed out, one analyst did not paint a positive picture for ETH.
Popular analyst Benjamin Cowen stated in his latest analysis that it is unlikely for Ethereum to reach a new all-time high in 2026.
The analyst says that given the possibility of Bitcoin entering a bear market, it will be difficult to expect a rise specific to Ethereum in 2026.
Speaking on the Bankless podcast, Cowen said that even if ETH were to return to its previous peak of $4,900, it would likely be a bull trap.
Even if ETH reaches these prices, he added that there is a risk of a sharp drop afterwards, pushing the price towards $2,000.
“If Bitcoin has truly entered a bear market, it would be very difficult for Ethereum to rise on its own.”
One possible scenario is that Ethereum shows a rise near its previous high, which would be a bull trap, and then falls back to around $2000.”
Cowen, while not optimistic about Ethereum’s rise, added that ETH is the only altcoin with a chance of making a new all-time high.
He assessed that most other altcoins have exhausted their upward momentum in the current cycle and are unlikely to break new records.
*This is not investment advice.
