The turbulent year 2025 is coming to an end. Bitcoin (BTC) and altcoins have experienced both sharp rises and sharp declines.
One of them was Ethereum (ETH). After hitting a new all-time high in August, ETH has since experienced a sharp decline, dropping to around $2,600.
Analysts generally expect Ethereum to be oversold and bottom out, but one analyst did not paint a positive picture for Ethereum.
Popular analyst Benjamin Cowen said in his latest analysis that Ethereum is unlikely to hit a new all-time high in 2026.
The analyst said it would be difficult to expect a typical rally for Ethereum in 2026, given the possibility that Bitcoin could enter a bear market.
On the Bankless podcast, Cowen said that even if ETH returns to its previous high of $4,900, it will likely be a bullish trap.
He added that even if ETH reaches these prices, there is a risk that it will then plummet and the price could approach $2,000.
“If Bitcoin really enters a bear market, it will be very difficult for Ethereum to rise on its own.”
One possible scenario is that Ethereum rallies around its previous highs, which becomes a bullish trap, and then declines to around $2,000. ”
Cowen said he is not optimistic about Ethereum's rise, but added that ETH is the only altcoin that has the potential to hit new all-time highs.
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.
