I'm not sure I can say who was least powerful because all elves have potential power. But disregarding that, it would probably be the youngest elf of whichever age.
To me, Feanor seemed to be the most powerful elf of the first age. He, to me, was probably the most powerful elf in all of Tolkien's works. But I'd also put Fingolfin high on the list.
For the third age, I'd say Galadriel was.
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