Perhaps an ancient evil spirit that was sealed away long ago. The hatching of the legendary starter's egg is a sign that the spirit can break free. It wants to possess the starter to regain its full power and take over the Pokemon world. This would make for a very dark and menacing antagonist, and Ash would have to use all his skills and the power of his friendship to defeat it.
In a fanfiction like this, the plot could revolve around the fact that the egg is the key to restoring balance in the Pokemon world. The legendary starter that hatches from it is initially weak but grows rapidly under Ash's care. However, there are forces at work that want to use the starter for their own evil gains. Ash has to team up with his friends and other Pokemon to fend off these threats. The story could also explore the relationship between Ash and the legendary starter as it grows, how they learn from each other, and how their bond becomes unbreakable.
Obviously, Ash is one of the main characters. He is the trainer who gets the legendary starter. And of course, the legendary starter itself is also a main character. It has its own personality and abilities that play a big role in the story.
Team Rocket would be the most obvious ones. They're always after rare and powerful Pokémon or Pokémon - related items, so the legendary egg would be a huge target for them.
One interesting storyline could be Ash getting a legendary starter that has a unique bond with him. For example, it might be able to communicate telepathically with Ash. This could lead to them having a deeper understanding of each other and facing challenges in a new way.
Well, in many fanfictions about Ash and legendary starter Pokémon, the writers often give Ash a unique bond with these Pokémon. It could be that he has to save a legendary starter from an evil organization. This not only tests his skills as a trainer but also his moral compass. He might learn new techniques or gain access to special areas in the Pokémon world because of this connection. It's a great way to expand on the original Pokémon story and give Ash more depth as a character.
In a Pokemon fanfiction with Ash and Mewtwo, it could start with Ash encountering Mewtwo in an unexpected place. Maybe in a hidden forest where Mewtwo is observing the wild Pokemon. Ash, being his curious self, tries to approach Mewtwo. Mewtwo, initially hostile, realizes Ash's pure intentions and they start an unlikely friendship. This could lead to many adventures where Ash and Mewtwo face various challenges together, like battling against a new, powerful and evil Pokemon organization.
Well, in this kind of fanfiction, Ash might take really good care of the egg. He could keep it warm and protected all the time. Maybe he'd build a special nest for it. And when it hatches, it could be a super powerful legendary Pokémon that immediately bonds with Ash and helps him in his Pokémon journey.
It could be a Pikachu. Since Pikachu is often associated with Ash and could be considered a special kind of 'first' pokemon for him in a different take of the story.
Maybe it's a legendary Pokemon in disguise. In some fanfictions, legendary Pokemon often play important roles. It could give Ash the egg as a test or because it senses that Ash has a pure heart. Another possibility is that it could be a young trainer who can't take care of the egg anymore and trusts Ash to do a good job.