If you’re betting on Ethereum smashing through its previous all-time high in 2026, pump the brakes.
Because according to crypto analyst Benjamin Cowen, that dream rally could actually be the ultimate bull trap the kind that sucks investors in… and then pulls the rug.
And his reasoning is worth paying attention to.
Ethereum: Dubious Speculationhttps://t.co/TTduI6ve2o
— Benjamin Cowen (@intocryptoverse) December 26, 2025
The Big Problem: Bitcoin Might Not Cooperate
On the Bankless podcast, Cowen broke down something most investors overlook:
Ethereum doesn’t move in isolation.
When Bitcoin shows weakness, the entire market feels it , especially altcoins. And Cowen believes Bitcoin is flirting with conditions that could drag the entire market into bear-territory behavior.
Translation: even if ETH pumps, it may not stick.
A Rally… Followed by a Brutal Reversal?
Cowen doesn’t deny Ethereum could push toward its $4,878 peak again.
In fact, he calls ETH the only altcoin with a realistic shot at printing new highs this cycle.
But here’s the catch…
He believes a breakout could be short-lived more emotional hype than sustainable momentum followed by a painful slide back toward $2,000.
That’s the very definition of a bull trap: price goes up, investors pile in, then boom correction wipes them out.
The Numbers Don’t Lie
Right now, Ethereum is trading near $2,898.
To revisit its August all-time high, ETH needs a 40%+ move doable, sure… but not guaranteed.
Remember: ETH hit that peak on Aug. 22 and then bled all the way down to $2,767 by November.
That’s not a sign of unstoppable strength. That’s volatility.
And Cowen Isn’t Alone
Fundstrat Global Advisors recently warned about a meaningful drawdown in 2026, suggesting ETH could revisit the $1,800–$2,000 zone.
Veteran trader Peter Brandt also chimed in, projecting Bitcoin could fall to $60,000 by Q3 2026 another bearish domino for Ethereum.
But here’s where it gets interesting…
Not everyone thinks doom is coming.
Crypto With James believes technical indicators still point to a possible move back toward all-time highs — and maybe even beyond if momentum shifts.
So… What Should Investors Take From This?
This isn’t about fear.
It’s about discipline.
- Don’t chase hype candles.
- Expect volatility, especially near all-time highs.
- Understand that Bitcoin sets the tone whether we like it or not.
Ethereum is still one of the strongest assets in crypto.
But strength doesn’t erase market cycles.
And if Cowen is right, the smartest investors won’t be the ones chasing the rally… they’ll be the ones preparing for what happens after it.
