Ethereum may struggle to reclaim record highs in 2026 as broader crypto market conditions remain fragile, according to prominent analyst Benjamin Cowen.

Speaking on the Bankless podcast on Tuesday, Cowen said Ethereum’s outlook is closely tied to Bitcoin’s market structure, which he believes increasingly resembles a bear market.
“If Bitcoin truly is in a bear market — which is what it feels like — it would be kind of hard for Ethereum to go up there,” Cowen said.
His comments come amid growing debate over whether the crypto market has already peaked for the current cycle following sharp drawdowns since October.