The Ethereum price has struggled to regain momentum amid a persistent downtrend. After closing the last four months in the red, the world’s second-largest cryptocurrency is showing no signs of relief in January 2026. On-chain data shows that Ethereum’s current trajectory mirrors past cycle downturns, raising the possibility of further price declines and prolonged bearish sentiment.
Ethereum Price Nears Fifth Consecutive Month Of Losses
Ethereum has been in a prolonged slump, marking its fourth straight month of losses in 2025. As the market navigates the final week of January, the cryptocurrency is poised to potentially close a fifth consecutive month in the red, a streak that would reinforce the ongoing bearish trend.
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On-chain data from CryptoRank shows that throughout 2025, Ethereum saw more red months than green ones. The cryptocurrency began the year with four consecutive months of decline from January to April, followed by a brief recovery in May, only to fall again in June. After this, ETH posted two months of gains, finishing July and August in the green. However, this recovery was short-lived, and since then, the cryptocurrency has been in a downtrend.
During its most recent four-month decline, CryptoRanks reported that Ethereum closed September down by 5.59%. The downtrend accelerated at the end of November, with the cryptocurrency crashing by 22.2%, more than four times the decline of the previous monthly close. December 2025 saw another month in the red, though the drop was much smaller, at just 0.83%.
Now, in January 2026, Ethereum is still in a downtrend. On-chain data indicates the cryptocurrency has already fallen 1.78% this month, and shows no sure signs of a bullish reversal. Moreover, at the time of writing, ETH is trading above $2,900, reflecting a roughly 5.95% decline over the past week.
What A Red January Could Mean For ETH
The last time Ethereum closed five consecutive months in the red was in 2018. That year, Ethereum significantly underperformed, recording gains in only 3 of 12 months. The cryptocurrency had posted continuous monthly losses, with November marking its steepest monthly decline at 42.5%.
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After the four-month closing streak, Ethereum’s downtrend persisted for another two months before experiencing a sharp but brief recovery in December 2018. Despite this temporary rebound, the cryptocurrency closed January 2019 in the red, falling 20%.
If history were to repeat itself in the current cycle, Ethereum could end January in a decline, similar to its 2018 performance. Interestingly, historical data shows that February has often been a bullish month for ETH. However, 2025 has seen declines from January through to April; it’s uncertain if Ethereum will follow past bullish patterns. For now, what is certain is that ETH’s price is down and would need a significant boost in its bullish momentum.
Featured image from iStock, chart from Tradingview.com