Ethereum may be having one of its strongest years since 2021, but not everyone is convinced it will break into new territory. In a recent CNBC Crypto World interview, Steven McClurg, CEO of Canary Capital, took a firm stance against ETH’s long-term prospects, calling it “older technology” that has been surpassed by faster, cheaper, and more secure protocols.
While McClurg praised Ethereum’s past performance, he argued that its momentum is mostly driven by the recent launch of ETH ETFs. In his view, that enthusiasm will eventually fade, leaving Ethereum unable to set a fresh all-time high.
🚨"Ethereum won’t see new all-time highs," says Canary Capital CEO.
— Coin Bureau (@coinbureau) August 17, 2025
Steven McClurg says Bitcoin has a 50% shot at reaching $150K this year, while Ether won’t make new highs.🔥$BTC already set a fresh ATH above $124K, while $ETH hasn’t touched its $4.8K high from 2021.📉 pic.twitter.com/XMkfSwtb1Y
This comes at a time when Bitcoin has already powered past its previous ATH, climbing above $124,000 last week. Ethereum, by contrast, “touched” the $4,750 range – just shy of its 2021 peak around $4,800 – before dipping back below $4,300.
McClurg’s bearish stance isn’t shared by everyone. Many in the market, including us, still believe Ethereum has enough strength to reclaim and eventually surpass its ATH this year. The rally from $1,500 to nearly $4,800 in just months shows that ETH demand is alive and well. If Ethereum doesn’t break new highs during this cycle, the community could see it as underperforming compared to both Bitcoin and newer layer-1 competitors.
For now, ETH sits in a pivotal zone. If buyers step back in and push it above the $4,800 threshold, the entire narrative could flip. Until then, doubts like McClurg’s will continue to weigh on Ethereum’s outlook.
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