Ethereum prints 4 consecutive red monthly candles, but data points to an ETH/BTC bottom
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A decade of ETH price data suggests Ethereum bottoms each time it closes down for three consecutive months.
Ethereum’s native token, Ether (ETH), registered four consecutive red monthly candles after the altcoin dropped 18.47% in March. The altcoin’s current market structure reflects a sustained bearish trend not seen since the bear market of 2022.
With each monthly close taking place below the previous month’s low, analysts are beginning the debate about whether ETH is approaching a bottom or if there is more downside ahead for the altcoin.
On March 30, the Ethereum/Bitcoin ratio dropped to a five-year low of 0.021. The ETH/BTC ratio measures ETH’s value against Bitcoin (BTC), and the current decline underlines Ether’s underperformance against Bitcoin over the past five years.
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