Ethereum Prints 5 Red Monthly Candles: What Happened The Last Time?

Over the last few months, the Ethereum price has performed incredibly poorly, dashing the hopes of investors who believed in its potential. While the Bitcoin price has made multiple new highs with expectations that the ETH price could follow, the opposite has been the case. In the last five months, Ethereum has gone from $4,000 to less than $2,000, printing consistent red monthly closes during this period. Now with five consecutive negative monthly closes, we take a look at where the ETH price could be headed next.

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.