Cowen warned that a return to Ethereum’s prior record may not signal strength. Instead, such a move could form a classic bull trap.
Ethereum last reached its all-time high of $4,878 in August. Prices briefly reclaimed that level before sellers regained control. Following that attempt, Ethereum entered a sustained downtrend. By November, Ether had fallen to $2,767 as momentum faded.
At the time of publication, Ether trades at around $2,898, according to CoinMarketCap. A move back to the record high would require a gain of about 40.59%.
Cowen emphasized the downside risk would remain high even if Ethereum reached that level again. He also specified a possible reversal that might take the price back to the $2,000 zone.