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Ethereum is unlikely to hit new highs within the coming yr, given the present situations for Bitcoin, says crypto analyst Benjamin Cowen.

“If Bitcoin actually is actually in a bear market, which is what it appears like, it could be sort of arduous for Ethereum to go up there,” Cowen mentioned on the Bankless podcast on Tuesday. 

It comes after veteran dealer Peter Brandt predicted on Dec. 19 that Bitcoin may fall as little as $60,000 by the third quarter of 2026.

Nevertheless, Cowen mentioned that if Ether (ETH) does handle to reclaim its $4,878 all-time excessive, which it final reached in August, it may become a “bull lure,” with a pointy downward reversal to $2,000 following a surge in value.

Ether reclaiming all-time excessive could be a 40% bounce

Ethereum briefly reclaimed its 2021 all-time excessive of $4,878 on Aug. 22, earlier than sliding right into a downtrend that noticed it drop to $2,767 in November. 

On the time of publication, Ether is buying and selling at $2,898, in accordance to CoinMarketCap. A return to its all-time excessive would characterize a 40.59% enhance from its present stage.

Nevertheless, Cowen emphasised the situation isn’t inconceivable for Ether, but it surely in all probability wouldn’t set off a domino impact throughout the broader crypto market subsequent yr.

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“The one altcoin that I’m even contemplating this for is Ethereum. I feel plenty of the opposite altcoins are sort of cooked at this level for the cycle,” he mentioned, including that it’s unlikely they’ll attain new highs this cycle in the event that they haven’t already.