Ethereum in Reverse: 4 Straight Losing Months Raise Doubts About Bull Market Momentum

Despite the broader crypto bull cycle, Ethereum has posted four consecutive monthly losses and underperformed rivals like Bitcoin and Solana, prompting questions about ETH’s near-term direction.

Ethereum’s Bull Market Disconnect: 4 Straight Monthly Losses Spark Concern

While much of the crypto market remains bullish, Ethereum’s recent price action tells a different story. Despite optimism stemming from the post-U.S. election bull cycle, ETH has quietly slid backward, recording four consecutive monthly losses—its worst quarterly performance since 2018.

🔴 Four Red Candles and Slipping Confidence

Ethereum, the second-largest cryptocurrency by market cap and the backbone of the largest PoS blockchain, has been on a downward trajectory. Since its November surge to over $4,000, ETH has consistently failed to hold ground, tumbling below $2,000 and currently sitting around $1,800.

In fact, as of now, ETH is trading nearly 25% lower than it was on November 5, effectively wiping out its post-election rally gains. Data from CoinGlass confirms the trend: Ethereum has closed in the red for nine of the past twelve months, including the latest streak of four straight losing months. February and March alone saw drops of 32% and 18.7%, respectively.

Network fundamentals haven’t helped. Delays in Ethereum’s long-awaited Pectra upgrade, slumping network activity, falling fee revenue, and rising token issuance have added pressure. Ironically, the inflation issue that “The Merge” aimed to solve seems to have resurfaced.

📉 Lost Momentum in a Rising Market

ETH’s performance has also starkly diverged from top rivals like Bitcoin and Solana, both of which posted new all-time highs in recent months. Ethereum, meanwhile, couldn’t break through its previous record and is now underperforming amid a market many consider bullish.

🔮 What Comes Next for ETH?

The big question for investors is whether this slide marks a temporary correction or signals deeper structural issues. Looking back at Ethereum’s history, Q2s have traditionally been strong, with gains in nearly every second quarter since 2016—except 2022, which saw a brutal 67% drop.

Last year’s Q2 ended flat, and 2023 was slightly positive. While past performance isn’t a guarantee, bulls may take comfort in historical patterns and hope Q2 2025 reignites the green streak seen between 2016 and 2021, especially the massive rally in 2017.

Still, with inflationary concerns, delayed tech rollouts, and ongoing competition from other Layer 1 chains, Ethereum must prove its resilience not just to chart-watchers but also to the broader Web3 community it supports.

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