Renowned crypto analyst Ben Cowen dampens investor expectations by suggesting Ethereum may not reach a new price peak in 2026. He warns that even if ETH reaches previous highs, it could be more of a bull trap than a true moonshot.
While the crypto community eagerly awaits the next post-halving bull run, not all predictions are optimistic for the prince of altcoins. Ben Cowen, known for his technical analysis based on rigorous mathematical models, has shared a decidedly bearish perspective on the medium-term future of Ethereum.
According to the analyst, if Ethereum (ETH) manages to climb back toward its current ATH by 2026, investors should not declare victory too soon. Cowen suggests this price action would not signal a massive breakout, but rather a classic bull trap. In this scenario, the price would rise enough to attract retail liquidity (the infamous FOMO), before suffering a violent correction, leaving late buyers with losing positions.
Market cycle history has accustomed us to seeing Ethereum outperform Bitcoin during euphoric phases. However, the current market structure shows signs of weakness. ETH’s inability to maintain its strength against BTC worries many observers. Cowen emphasizes that without a fundamental change in the dynamics of the ETH/BTC pair, a sustainable rally toward new highs appears compromised.
For the analyst, the market could enter a prolonged range phase or diminishing returns, where the peaks of each cycle become increasingly difficult to breach. This type of structure is typical of mature assets, but contradicts the hyper-growth thesis often associated with cryptocurrencies.
Technically, Ben Cowen is monitoring several key resistance levels that could block Ether’s ascent. If the price fails to transform these zones into solid support, the risk of rejection is high. The analyst warns against blind optimism:
“If Ether manages to reclaim its all-time high in 2026, it may only be a bull trap.”
This statement comes as the Ethereum network continues to develop technically but struggles to reflect these advances in its price against Bitcoin’s overwhelming dominance. Investors must therefore remain vigilant in the face of volatility and not rule out a scenario of deep retracement after an attempt at the peak.
The range is even more explicit with the order blocks on a two-week timeframe. Currently at the critical threshold of its range midpoint, Ethereum must hold these levels, otherwise it’s a return to $1,700 minimum.
Conversely, a rebound to $3,800 minimum is in the cards for ETH if this range midpoint holds firm. Moreover, ETH’s 2025 annual candle is typical of a neutral market with wicks on each side. For now, patience is required.
Nothing better than a free bot to generate returns while the market isn’t moving. Bear market, consolidation, or bull run, Pionex bots generate up to 150% annual returns on your ETH. Try them now and earn up to 1,000 USDT in bonuses:
Related articles:
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Trading cryptocurrencies involves risks, and it is important not to invest more than you can afford to lose.
InvestX is not responsible for the quality of the products or services presented on this page and cannot be held liable, directly or indirectly, for any damage or loss caused by the use of any product or service featured in this article. Investments in crypto assets are inherently risky; readers should conduct their own research before taking any action and invest only within their financial means. This article does not constitute investment advice.
Risk Warning : Trading financial instruments and/or cryptocurrencies carries a high level of risk, including the possibility of losing all or part of your investment. It may not be suitable for all investors. Cryptocurrency prices are highly volatile and can be influenced by external factors such as financial, regulatory, or political events. Margin trading increases financial risks.
CFDs (Contracts for Difference) are complex instruments with a high risk of rapid capital loss due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should assess whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Before engaging in financial or cryptocurrency trading, you must be fully informed about the associated risks and fees, carefully evaluate your investment objectives, level of experience, and risk tolerance, and seek professional advice if needed. InvestX.fr and the InvestX application may provide general market commentary, which does not constitute investment advice and should not be interpreted as such. Please consult an independent financial advisor for any investment-related questions. InvestX.fr disclaims any liability for errors, misinvestments, inaccuracies, or omissions and does not guarantee the accuracy or completeness of the information, texts, graphics, links, or other materials provided.
Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
