Analyst Benjamin Cowen warns that Ethereum (ETH) is unlikely to reach a new all-time high in 2026, citing its dependence on Bitcoin (BTC)’s cycle, per Cointelegraph. In a December 23, 2025, Bankless podcast, Cowen stated that if BTC enters a bear market, it would be “very difficult” for ETH to rally independently to surpass its $4,878 peak from August 2025. He described a potential reclaim as a bull trap, followed by a reversal to $2,000 per. ETH trades around $2,900–$2,950 as of December 26, 2025, down from its highs, per Yahoo Finance and Coinbase.
ETH’s price has consolidated below $3,000 amid BTC’s post-peak correction, with RSI neutral and 200-day MA providing support, per. Institutional inflows into ETH ETFs slowed in late 2025, mirroring BTC trends, per. Santiment highlights ETH’s muted sentiment compared to BTC’s greed, leaving room for upside but tied to macro conditions, per. Fed policy remains restrictive, with rates above neutral, limiting speculative assets, per Benzinga.
While Cowen sees most altcoins as “cooked” for this cycle, he positions ETH as the only one with a chance for future highs, per. Other analysts like Fundstrat warn of $1,800–$2,000 in 2026 drawdowns, per. Glamsterdam upgrade in 2026, and RWA tokenization could support recovery, per. ETH/BTC ratio targets 0.05,3 suggest $5,300 if BTC hits $100K, per Bankless.
Monitor BTC’s 50-week MA and Fed signals at Jackson Hole echoes, per. Hold ETH for the long term, accumulate on dips to $2,500, with stop-losses below $2,200, per. Diversify into stablecoins like USDC. Follow @intothecryptoverse for Cowen updates. ETH’s fundamentals remain strong, but the 2026 breakout hinges on BTC stability.
