Fundstrat's internal research is painting a starkly different picture from public commentary. While the firm's leadership has been publicly bullish on Ethereum, internal 2026 forecasts tell another story—suggesting ETH could face significant headwinds in the first half of the year, with price targets ranging from $1,800 to $2,000.

This divergence raises questions about the reliability of institutional positioning. When analysts broadcast bullish outlooks publicly while privately warning clients about potential downside, it creates a credibility gap worth examining. For Ethereum investors, the question becomes: which forecast should carry more weight—the public-facing optimism or the cautious internal guidance?

The discrepancy underscores a broader pattern in crypto markets where official positioning and private research don't always align. Whether this represents genuine analytical evolution or something more problematic is worth scrutinizing.