Ethereum may struggle to set new price records in 2026, according to well-known crypto analyst Benjamin Cowen. He believes broader market conditions — especially Bitcoin’s trend — could limit Ethereum’s upside and even turn any rally into a temporary trap for investors.
Ethereum Price Outlook for 2026: Risk of a Bull Trap
Speaking on the Bankless podcast, Cowen explained that if Bitcoin is truly entering or already in a bear market, it would be difficult for Ethereum to sustainably reach new highs. In his view, even if Ether manages to reclaim its previous all-time high of $4,878, the move could end up being a “bull trap” — a brief surge followed by a sharp decline.
Cowen warned that such a scenario could see Ethereum fall back toward the $2,000 level after a strong but short-lived rally. At the time of writing, Ether is trading near $2,900, meaning a return to its all-time high would require a price increase of just over 40%.
Ethereum last touched its record high in August before slipping into a downtrend that pushed prices lower by November. While Cowen doesn’t rule out a recovery, he believes the broader market environment makes a sustained breakout unlikely next year.
Analysts Split on Ethereum’s Future as Bitcoin Faces Uncertainty
Cowen also noted that Ethereum may be the only altcoin with a realistic chance of revisiting its highs this cycle. He suggested that many other altcoins are unlikely to recover if they have already missed their opportunity during the current market phase.
Other market voices share similar caution. Veteran trader Peter Brandt recently predicted that Bitcoin could fall as low as $60,000 by the third quarter of 2026. In addition, Fundstrat Global Advisors reportedly warned investors of a potential “meaningful drawdown,” estimating Ethereum could drop to between $1,800 and $2,000 in a worst-case scenario.
Still, not everyone is bearish. Crypto analyst Crypto With James believes Ethereum still has room to move higher in the near term and hasn’t ruled out another attempt at all-time highs before the cycle concludes.
Overall, Ethereum’s 2026 outlook remains uncertain, with analysts divided between caution and cautious optimism — and much may depend on Bitcoin’s next major move.
