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I'm a tad confused about the scaling issues between the strongest Maiar and Elves on the LotR pages here. Here I've compiled a body of evidence suggesting that they're more equal than generally assumed as well as closer to the Valar in power. If accepted, this would result in serious upgrades for currently vaguely defined "likely higher" characters like Sauron, Carcharoth, Gothmog and anyone who scales to them.
- High-tier Elf fighting Valar. Fingolfin vs Morgoth.
- Feanor "saw through the semblance of Melkor and pierced the cloaks of his mind, perceiving there the lust for the Silmarils." That's a feat of an elf overcoming Melkor's telepathic shields. Morgoth's Ring page 97. He created the Silmarils, which burned Morgoth's avatar and amped Carcharoth to the point where he could pass through the Girdle of Melian (Silmarillion 218).
- Feanor is superior to Fingolfin physically. "For F├½anor was made the mightiest in all parts of body and mind: in valour, in endurance, in beauty, in understanding, in skill, in strength and subtlety alike: of all the Children of Il├║vatar, and a bright flame was in him."― The Silmarillio, Of the Sun and Moon and the Hiding of Valinor
- Statement that some of the Maiar are nearly as powerful as the Valar. "And the Valar drew unto them many companions, some less, some well nigh as great as themselves, and they laboured together in the ordering of the Earth." The Silmarillion, Page 11.
- Luthien, a half-Elf half-Maia, was magically strong enough to destroy Sauron's fortress (Silmarillion 207) and put Morgoth to sleep (213-214).
- "[Elwe Singollo] was a great lord and noble, tallest in stature of all the Children of Illuvatar, and like unto a lord of Maiar." Morgoth's Ring Page 86. This one is less concrete because it could just be a literary device comparing the two, but it might also be a direct power thing. He did marry Melian, after all, so she must have regarded him as somewhat equal to her. Page 173 says that "Great power Melian lent to Thingol her spouse, who was in himself great among the Eldar." She was clearly superior, as a Maia, to one of the greatest of the First Age elves. Page 54 of the Silmarillion states that among all the people of Lorien there were none "more skilled in songs of enchantment." This can obviously be taken to mean literal enchantments. Melian was strong enough to counteract the Sleep of Yavanna over the country of Beleriand (Silmarillion Page 100).
- Thorondor wounds Morgoth, indicating comparability to Fingolfin. (Silmarillion, Page 180)
- Felagund was one of the strongest Noldor and one of the High Kings. He put up a good fight against Sauron magically but was ultimately defeated in a duel of sorcery (Silmarillion Page 202)
- Gothmog, one of Morgoth's most powerful Maia servants, dealt the finishing blow to Feanor (Silmarillion Page 13). It took many Balrogs to get Feanor to the point where that could bring him down, but it shows that they are definitely comparable. Keep in mind that Feanor was superior to Fingolfin and could have thus wounded Crippled Morgoth.
- Having multiple Balrogs be comparable to a weakened Morgoth is further supported by their defeating Ungoliant, who was on the verge of overpowering Morgoth (Silmarillion 86-87).