Ben Cowen Cautions Ethereum May Struggle to Set New Highs

The article discusses the views of crypto analyst Ben Cowen, who recently appeared on the podcast of Bankless. In his arguments, Cowen states that Ethereum is unlikely to gain new peaks in 2026. He associates the future of ETH with the overall market trend of Bitcoin. Ethereium exchanges around 2,966 at the moment he was making his remarks.

Cowen emphasizes that Ethereum continues to be defined by the direction of Bitcoin. He elaborates that poor or bearish Bitcoin cycles have been known to limit ETH rallies in the past. According to his models, Ethereum may reach the highs of around 4,878 and then majorly correct again. Such situation suggests a possible relapse to the level of 2,000 and above in case of macro pressure.

Ethereum Remains on the Top of the Altcoin Pack

Irrespective of his warning, Cowen makes Ethereum special. He refers to ETH as the sole altcoin that has a realistic probability to come back to previous all-time highs this cycle. He compares it to other large-cap altcoins, like Solana, which he thinks have already surpassed its previous heights. It would require more than 40% returns before Ethereum would regain its ATH.

Big players, such as MSN and Binance, are on the same page with Cowen. Bitcoin weakness and tightening liquidity remain listed by the analysts as the major risks. Such circumstances are of concern to the crypto market at large. The debate provides a context to investors who compare Ethereum with its competitors such as Cardano, as competition in layer-1 networks increases.