Ben Cowen’s Stark Warning: Why Ethereum Might Never Touch 2026 Highs Again
Ethereum's roadmap to new all-time highs just hit a major roadblock—at least according to one prominent analyst.
The Bull Case Hits a Wall
Popular crypto strategist Ben Cowen is throwing cold water on the euphoria surrounding Ethereum's next potential bull run. His analysis suggests the smart contract giant faces structural and cyclical headwinds that could prevent it from reclaiming its 2026 peak in any future cycle. It's a sobering counter-narrative to the relentless 'number go up' theology that dominates crypto Twitter.
Beyond the Hype Cycle
Forget simple pullbacks; Cowen's warning points to a potential paradigm shift. The argument hinges on evolving competitive landscapes, potential saturation in key use cases like DeFi and NFTs, and the brutal mathematics of increasingly larger market capitalizations needed for exponential growth. It's the kind of talk that gets you muted in bullish Telegram groups—a reminder that in crypto, past performance is about as reliable as a meme coin's whitepaper.
The Finance Jab
It's a classic tale: an asset gets institutional approval, becomes a staple in wealth managers' PowerPoints, and then loses the very volatility that made speculators rich in the first place. The ultimate irony of 'adoption' might just be commoditization.
So, is Ethereum's glory days behind it? Cowen's analysis forces a uncomfortable question for the faithful. While the ecosystem continues to churn out innovation, the king's throne might not be as unshakable as it once seemed. The market, as always, will have the final say—probably after taking fees from both sides of the trade.
Risk of a short-lived rally
Cowen also warned that even if Ether manages to reclaim its all-time high of around $4,878 in 2026, the MOVE could be short-lived. He described such a scenario as a potential “bull trap,” where prices briefly surge, attract buyers, and then reverse sharply, possibly falling back toward the $2,000 level.
Ethereum last reached its record high in August before entering a prolonged decline that pushed prices below $2,800 by November.
According to CoinMarketCap, Ether was trading at around $2,966 at the time of writing, up about 0.73% in the last 24 hours. At these levels, Ether WOULD need to gain over 40% to reach its previous peak, and Cowen noted that while such a rally is possible, it is unlikely to trigger a broad bull market next year.
Altcoins face a tougher cycle
Despite his cautious outlook, Cowen said Ethereum stands apart from most other cryptocurrencies. He described it as the only asset outside Bitcoin that he believes still has a realistic chance of revisiting previous highs this cycle.
“The only altcoin that I’m even considering this for is Ethereum. I don’t really consider Ethereum an altcoin, to be honest. A lot of the other altcoins are kind of cooked at this point for this cycle,” he said.
Beyond Ethereum, Cowen expressed a pessimistic view on the wider altcoin market, suggesting many smaller tokens may have already peaked and are unlikely to reach new highs if they haven’t already.
Similar concerns have been raised elsewhere in the market. A report attributed to Fundstrat Global Advisors and circulating on X warns of a “meaningful drawdown” in early 2026, projecting Bitcoin could fall to $60,000–$65,000, Ether to $1,800–$2,000, and Solana to $50–$75 before potential buying opportunities later in the year.
Also Read: Bitmine Surpasses 4 Million ETH Holdings After $128M Buying Spree
