"Ethereum unlikely to hit a record next year… Beware of a 'bull trap' even if it rebounds"

A pessimistic outlook has emerged that Ethereum (ETH) will find it difficult to surpass its previous high and reach a new peak next year. Analysts say it will be hard to expect an Ethereum-only rally while Bitcoin appears to have entered a bear market.

Benjamin Cowen, a virtual asset (cryptocurrency) analyst, appeared on the Bankless podcast on the 23rd (local time) and said, "If Bitcoin has truly entered a bear market, it would be very difficult in reality for Ethereum to rise on its own."

Cowen warned that even if Ethereum were to recover the all-time high of 4878 dollars recorded last August, it is likely to be a 'bull trap' rather than a trend reversal. He predicted, "A likely scenario is that Ethereum surges near the previous high and then plunges again to around 2000 dollars."

On the 26th, based on the Binance Tether (USDT) market, Ethereum was trading around 2973 dollars, up about 1.1% from the previous day. To recover the previous high of 4878 dollars, an increase of about 40% or more from the current price is required.

Cowen also expressed a skeptical view on altcoins in general. He said, "Ethereum is the only altcoin that still has a chance to set a new all-time high in this cycle," and evaluated, "The rest of the altcoins are already done in this cycle; coins that failed to surpass their previous highs will have difficulty rebounding in the future."