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- Next year Ethereum will likely find it difficult to surpass its previous high.
- If Bitcoin has entered a bear market, it would be difficult for Ethereum to rise on its own.
- Even if Ethereum recovers $4878, it is likely to be a 'bull trap', and a fall to the $2000 level is a probable scenario.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
A pessimistic outlook has been raised that next year Ethereum (ETH) will find it difficult to surpass its previous high and reach a new peak. The analysis says that in a situation where Bitcoin appears to have entered a bear market, it would be difficult to expect Ethereum to rise independently.
Benjamin Cowen, a crypto 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 practically very difficult for Ethereum to rise on its own."
Cowen warned that even if Ethereum were to recover the all-time high of $4878 recorded last August, it is likely to be a 'bull trap' rather than a trend reversal. He predicted, "A scenario in which Ethereum soars near its previous high and then plunges back to the $2000 level is likely."
On the 26th, based on the Binance Tether (USDT) market, Ethereum was trading around $2973, up about 1.1% from the previous day. To recover the previous high of $4878, an increase of over about 40% from the current price is required.
Cowen also expressed a skeptical view of altcoins in general. He said, "Among altcoins, Ethereum is the only one that still has a chance of setting a new high in this cycle. The rest of the altcoins are effectively done for this cycle; coins that failed to surpass their previous highs will likely find it difficult to rebound in the future."
