The chance that Ethereum will reach a new record price in 2026 is small, according to crypto analyst Ben Cowen. Even if the Ethereum price approaches its all-time high again, he believes, this could be a temporary phenomenon rather than the start of a new long-term rise.
Ethereum depends on Bitcoin
Cowen made his statements this week in the popular podcast Bankless, where he described the current market conditions for crypto as vulnerable and uncertain. He explicitly links the price prospects for Ethereum to those of Bitcoin, the largest cryptocurrency on the market.
According to Cowen, it is difficult for Ethereum to independently break new records when Bitcoin is in a weak phase. “If Bitcoin is actually in a bear market, which it feels like now, then it will be very difficult for Ethereum to move towards new highs,” he said.
That analysis ties in with broader concerns among market watchers. The price of Bitcoin has been under pressure for some time and some analysts do not rule out that the price could fall further in 2026. Earlier this month, trading veteran Peter Brandt even warned of a possible drop to $60,000.
Chance of ‘bull trap’
However, Cowen does not completely rule out that Ethereum can temporarily touch its old record of $ 4,878 in 2026. That level was last reached in August this year. A return to that point would mean an increase of more than 40 percent from the current price.
But that is precisely where the danger lies, according to him. “If Ethereum regains that old record, it could be a bull trap,” Cowen warns. A bull trap is a situation in which investors think that a new upward trend is starting, while the price quickly falls again afterwards. In that scenario, Ethereum could fall back towards $2,000 after a brief peak.
Limited space for altcoins
Cowen sees Ethereum as an exception within the broader altcoin market. According to him, many other projects have already passed their best phase of this cycle.
“Ethereum is actually the only altcoin where I am still seriously considering this scenario,” he said. “For many other altcoins, there is a good chance that they will not set new records this cycle, especially if that has not happened yet.”
That gloomy tone is shared by some major investment houses. Fundstrat Global Advisors recently warned its clients of a possible ‘meaningful correction’ in 2026, in which the Ethereum price could fall back to a range between $ 1,800 and $ 2,000.
Not everyone is pessimistic
Yet there is also opposition. Other analysts point out that Ethereum has become fundamentally stronger, with improvements to its network and the growing use of decentralized finance applications (dApps). According to them, a recovery towards previous record levels in the short to medium term cannot be ruled out.
For the time being, however, the market seems divided. While optimists hope for a new boost in 2026, skeptics such as Cowen point to the close connection with Bitcoin and the vulnerable macroeconomic conditions.
The coming months will reveal whether Ethereum has enough strength to break away from broader market sentiment, or whether any price increases will indeed prove to be short-lived.
Source: https://newsbit.nl/ethereum-gaat-geen-koersrecord-pakken-in-2026-aldus-analist/
