Ethereum’s 5-Month Losing Streak Sparks Deja Vu—Here’s What History Says
Ethereum just clocked its fifth consecutive red monthly candle—a grim streak not seen since the 2022 crypto winter. Traders are sweating, but the charts whisper: ’We’ve been here before.’
Back in 2018, ETH bled for six straight months before staging a 580% rally. Fast forward to 2022—five red candles preceded a 200% pump. Pattern or coincidence? Wall Street analysts shrug while checking their golf schedules.
Key levels to watch: $2,800 acts as make-or-break support. Break below that, and we’re retesting the ’bear market buy zone’ at $2,200. Meanwhile, Bitcoin maximalists are—shockingly—using this as ’proof’ of ETH’s impending doom.
One thing’s certain: the smart money’s accumulating while retail panics. As always, the market’s best trick is convincing newcomers that ’this time it’s different.’ Spoiler—it never is.
Ethereum’s Five Red Monthly Closes
In a recent post on X (formerly Twitter), crypto analyst CryptoBullet pointed out that the Ethereum price had closed its fifth consecutive month in the red. This development has set Ethereum back years, with its price crashing to levels not seen since 2023.
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However, it may seem that this is not entirely bad news for the second-largest cryptocurrency by market cap and could end up being the start of a bullish impulse.
According to the analyst, the month of April was actually pivotal for the Ethereum price despite closing out in the red. This is due to the formation of a giant Hammer/Dragonfly doji candle that CryptoBullet points out happened as the price swept 2023 lows when it fell toward $1,400 earlier in the month. Naturally, this formation is bullish for the cryptocurrency as it could mean that Ethereum has finally found a bottom from here.
Looking back at Ethereum’s history, there has been only one time in the past, where the optics have been this bad for Ethereum, and it was seven years ago. Back in 2018, when the crypto market was coming out of the 2017 bull run, the ETH price suffered multiple crashes, leading to the only time ETH has closed 5 consecutive monthly candles.
However, what followed in 2018 was not a bullish impulse, but rather a bearish continuation. The cryptocurrency would close an additional two months in the negative, leading to seven consecutive red closes on the monthly chart for Ethereum. In the end, it would take almost a year for the altcoin to gather enough momentum for it to get bullish again and start a sustained recovery.
A popular saying in the crypto market is that “history doesn’t repeat, but it often rhymes”. If this is true and plays out in this scenario, that means Ethereum may not follow the bearish continuation to a tee, but it could mean that the pain is far from over for investors.
If 2025 sees a similar trend to 2018, then the month of May, which has already started out in the green for Ethereum, could see the price fall further. In such a case, the ETH price could be looking toward the end of 2025 for a sustained recovery.
