Ethereum is unlikely to hit new highs in the approaching yr, given the present circumstances for Bitcoin, says crypto analyst Benjamin Cowen.
“If Bitcoin really is really in a bear market, which is what it seems like, it might be form of onerous for Ethereum to go up there,” Cowen said on the Bankless podcast on Tuesday.
It comes after veteran dealer Peter Brandt predicted on Dec. 19 that Bitcoin may fall as little as $60,000 by the third quarter of 2026.
Nevertheless, Cowen mentioned that if Ether (ETH) does handle to reclaim its $4,878 all-time excessive, which it final reached in August, it may prove to be a “bull entice,” with a pointy downward reversal to $2,000 following a surge in worth.
Ether reclaiming all-time excessive could be a 40% soar
Ethereum briefly reclaimed its 2021 all-time excessive of $4,878 on Aug. 22, earlier than sliding right into a downtrend that noticed it drop to $2,767 in November.
On the time of publication, Ether is buying and selling at $2,898, according to CoinMarketCap. A return to its all-time excessive would characterize a 40.59% enhance from its present stage.
Nevertheless, Cowen emphasised the situation isn’t unimaginable for Ether, nevertheless it in all probability wouldn’t set off a domino impact throughout the broader crypto market subsequent yr.
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“The one altcoin that I’m even contemplating this for is Ethereum. I feel lots of the opposite altcoins are form of cooked at this level for the cycle,” he mentioned, including that it’s unlikely they’ll attain new highs this cycle in the event that they haven’t already.
Fundstrat International Advisors reportedly warned its buyers on Dec. 17 a couple of potential “significant drawdown” in 2026, which may see Ether decline to between $1,800 and $2,000.
In the meantime, crypto analyst Crypto With James mentioned on Dec. 16 that Ether is “not executed but” and a near-term transfer again towards all-time highs is still on the table.
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