Ethereum’s 2026 Rally Unlikely, Says Top Analyst

Ben Cowen predicts that Ethereum is unlikely to reach new heights in 2026 due to the bearish market of Bitcoin as a potential force that will drag ETH to the range of 2,000 USD.

Ethereum has been questioned by Benjamin Cowen concerning its future in 2026. This week he was interviewed on the Bankless podcast, discussing the future of the altcoin in such harsh market conditions.

One of the challenges mentioned by Cowen is the current trend of Bitcoin. He holds that Bitcoin is in a bear market, and this makes Ethereum unable to advance even more.

Assuming that Bitcoin is indeed in a bear market, as it feels, Cowen said, it would be somewhat difficult to have Ethereum climb there. This is right after his remarks when veteran trader Peter Brandt estimated that Bitcoin would fall to $60,000 by Q3 2026.

Will ETH’s Peak Become a Trap?

Cowen warned that a recovery to all-time highs would be brief, and a rapid fall to $2,000 may occur.

In August 2022, the high of Ethereum was recorded at 4,878, then the coin began to work in a long downward direction, reaching 2,767 in November.

Ethereum would require a 40.59 percent bounce to reach its previous high at $2,898 on CoinMarketCap. Cowen states that this is not entirely impossible; however, he cautions against excessive optimism.

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Other Altcoins Face Harsher Reality

Cowen was still bearish on the broader altcoin industry, suggesting that the majority of them would not revert this cycle. Nevertheless, Ethereum is his only altcoin.

He said the only altcoin he even considers is Ethereum. He also said that the remaining are kind of cooked in this cycle, and those that have not gone up to new heights are not likely to.

All these concerns were echoed by Fundstrat Global Advisors in mid-December, who warned investors of the potential drawdown in 2026. Their projections put ETH between 1800 and 2000.

Not all experts are bearish. Crypto With James claims that ETH is not exhausted yet, and it may still reach all-time highs in the near future.

These opposing opinions highlight the instability of crypto markets. The performance of Ethereum is largely dependent on that of Bitcoin; hence, investors need to closely monitor the two towards the end of 2026.