It actually was mentioned in the Appendices that people int he First Age were much more powerful. This was due to the fact that the Sundering of the World had not yet occured, and Aman was still accessible quite easily. Not to mention the Elves actually came from Aman (well, returned I should say)
A couple Elves in Rivendell were near this level of power (Glorfindel was able to fight a Balrog solo)
Fingolfin, however, was also a King of the Noldor. That is why he gets to be more powerful. However, it is not in the same sense as the EU, so don't worry 😉
Originally posted by Nephthys
Jesus, it's like I'm reading Star Wars EU again. So overpowered and outside of the main series' power levels.
The Third Age that the LotR takes place in is pretty much the twilight years of Middle Earth. The Elves are fading away, the Valar no longer interfere with the affairs of mortals, Men never recovered from the fall of Numenor, ect.