- Ethereum closed April with a dragonfly doji above the $1,550 support zone.
- ETH has posted five consecutive red monthly candles since December 2023.
- April’s long lower wick signals rejection of lows near mid-2023 demand levels.
Ethereum ended April with a fifth straight monthly red candle, continuing its extended losing streak that began in December 2023. This marks the longest monthly downturn for ETH since the 2018 bear market, reinforcing market caution around sustained upward momentum. Despite this, analysts noted technical signals that may suggest a change in price behavior.
April Closes With Hammer Candle Above Support Levels
Ethereum’s monthly chart for April formed a dragonfly doji candle, often interpreted as a potential bottoming structure in technical analysis. The candle displayed a long lower wick and a small real body near the top of the range, signaling rejection of lower prices. Price action during the month swept below the lows recorded between August and October 2023 before reversing and closing back above a key horizontal support zone.
A deeper analysis by CryptoBullet indicates that Ethereum’s monthly chart shows five consecutive red candles, replicating the six-month decline during the 2018 bear market. The current pullback began from the $3,600 range and dropped to a key support zone near $1,550. April’s candle formed a long lower wick, closing above support, indicating a rejection of lower prices.
The inset chart confirms the candle pierced the previous demand zone before bouncing. Volume slightly increased during the recent decline, matching previous low accumulation phases. Price action broke below mid-2023 levels but returned above critical structure. Historical support from June 2022 remains intact. Ethereum is currently trading near $1,820.
Ethereum Extends Monthly Decline Pattern
With the April close, Ethereum has now posted negative returns for five consecutive months. This pattern mirrors past downtrends, particularly during macro uncertainty or when Bitcoin dominance increases. The last comparable streak occurred during the prolonged drawdown in 2018, which was characterized by low confidence in altcoins.
Despite this extended period of weakness, the April candle’s structure diverged from previous months by showing notably lower wick strength. The move undercut previous demand zones and may have cleared late long positions, a scenario some technical analysts interpret as a liquidity sweep.
The coming weeks are expected to be critical in determining whether April’s rebound above key levels holds or if the broader downtrend continues. The market will likely await further confirmation from both price structure and volume behavior before establishing a new directional trend.
