Ethereum is unlikely to hit up-to-date highs in the coming year given the current conditions for Bitcoin, says cryptocurrency analyst Benjamin Cowen.

“If Bitcoin is indeed in a bear market, which it feels like, it would be rather difficult for Ethereum to climb to that level” – Cowen he said on Tuesday on the Bankless podcast.

This ruling came after veteran trader Peter Brandt predicted on December 19 that Bitcoin could fall as low as $60,000 by the third quarter of 2026.

However, Cowen said that if Ether (ETH) actually manages to regain its all-time high of $4,878, which it last hit in August, it could prove to be a “bull trap” with a pointed reversal down to $2,000 after a pointed price rally.

Reaching an all-time high for ether would mean a 40% enhance.

On August 22, Ethereum briefly regained its 2021 all-time high of $4,878 before entering a downtrend, falling to $2,767 in November.

At the time of publication, the price of Ether is $2,898, According to to CoinMarketCap. A return to its all-time high would represent an enhance of 40.59% from its current level.

However, Cowen stressed that this scenario is not impossible for Ether, but would likely not cause a domino effect on the broader cryptocurrency market next year.

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“The only altcoin I’m even considering this option for is Ethereum. I think a lot of the other altcoins are kind of primed at this point in the cycle,” he said, adding that they are unlikely to hit up-to-date highs this cycle if they haven’t already.

Fundstrat Global Advisors reportedly warned its investors on December 17 of a potential “significant decline” in 2026 that could see Ether fall to levels between $1,800 and $2,000.

Meanwhile, cryptocurrency analyst Crypto With James said on December 16 that Ether is “not done yet” and a short-term return to all-time highs is still being considered.

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