Ethereum Prints 5 Red Monthly Candles: What Happened The Last Time?
Over the last few months, the Ethereum $ETH 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.
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.
