Ethereum recorded its sixth straight monthly red candlestick, matching a rare streak of declines last seen in 2018. $ETH Traders are eyeing a drop to the $1,800 level or a push to $2,222, trading near $1,994 as it retests the key downtrend line.
Ethereum Posts 6th Consecutive Month of Red, Reflecting 2018 Bear Market Pattern
Ethereum records six consecutive monthly red candles, This pattern has only appeared once in the trading history. According to X market commentator Tyler Durden, Ethereum only experienced consecutive declines of more than six months during the 2018 bear market. At that point, the seventh red candle marked the bottom of the cycle.
Ethereum monthly candle. sauce: TradingView/X
According to historical monthly data from TradingView, Ethereum fell for seven consecutive months in 2018 as the entire crypto market corrected from its previous highs. After the seventh red candle closed, the price movement stabilized and then reversed into a new cycle. The current losing streak is equivalent to six consecutive months of losses, and sustained downward pressure on the asset is near a level rarely seen in history.
As a result, traders are comparing the current structure to the 2018 setup. While past performance does not determine future results, historical reference points highlight how extended monthly drawdowns have historically been consistent with late-stage bear market conditions. Ethereum’s current monthly closing price will determine whether the streak extends to seven and whether the comparisons with 2018 become even stronger.
$ETH Retesting Downtrend Line as Traders Warned of Possible Downside Before Pushing towards $2,222
Meanwhile, Ether is trading near $1,994 on Binance’s ETHUSDT 1-hour chart, with the price pushed back into the descending resistance that has capped some gains since the previous high. placed movement $ETH This chart is in familiar decision territory, as it shows the price falling repeatedly each time it hits that upper trendline, followed by a rebound from an ascending support line that holds from the previous low.
ETHUSDT 1 hour chart. sauce: DJ of X (@0xDeejay)
The latest sequence is: $ETH It spiked above the trendline towards the low $2,000s and then moved back below the trendline as a retest formed. This action often signals a “retest” of a previous resistance level, with sellers defending the previous ceiling while buyers attempt to turn that level into support. If the price stays near the trend line and regains the swing area around $2,040 to $2,080, the chart opens up room for the previous high around the low $2,100 area.
If the retest fails, the next visible demand zone on the chart will be around the lower ascending trendline, approximately in the low $1,800s. The picture on the chart shows a deeper flush towards the mid-$1,800s before the rebound, which fits the idea of a shakeout to eliminate late long positions. In the X post, DJ (@0xDeejay) said: $ETH “We seem to be retesting the top of the trend line,” he added, adding that although a pullback is possible, he expects the decline to shake off “late longs” before a move towards $2,222.
