5 Months of Loss: What If Ethereum Ends January in the Red?

As Ethereum's price struggles to regain upward momentum amidst a continuous downtrend, the situation appears bleak for the world’s second-largest cryptocurrency. With four straight months of losses behind it, January 2026 may very well mark a fifth consecutive month in the red. Analyzing on-chain data reveals that Ethereum's current path mirrors previous downturns, raising concerns about the potential for further declines and a sustained bearish market sentiment.

Key Takeaways

Ethereum has faced four consecutive months of losses leading into January 2026.
Current trends suggest a potential fifth month in the red, reflecting a bearish sentiment.
Historical comparisons highlight that the last five-month loss streak occurred in 2018.
A sharp recovery is possible, but current data shows Ethereum still in a downtrend and needing significant momentum to reverse the situation.

Ethereum

Ethereum Price Faces Fifth Consecutive Loss

Ethereum has experienced a long-standing slump, marking its fourth consecutive month of losses in 2025. As the last week of January unfolds, the cryptocurrency is on track to close the month potentially in the red again, which would underscore the prevailing bearish trend.

Data from CryptoRank indicates that throughout 2025, Ethereum has recorded more negative months than positive ones. The year commenced with four successive months of decline from January to April, followed by a brief recovery in May, only for the price to drop again in June. After two months of gains, completing July and August in the green, Ethereum's upward momentum quickly faded, resulting in a sustained downtrend thereafter.

Ethereum
Source: Chart from CryptoRank

In its latest four-month decline, CryptoRank reported that Ethereum closed September down by 5.59%. The downtrend intensified at the end of November, with a notable drop of 22.2%, significantly exceeding the previous month’s decline. December 2025 also ended in the red, though the decrease was much smaller at just 0.83%.

As of January 2026, Ethereum continues to struggle with its downtrend. On-chain data shows a drop of 1.78% this month, with no clear signs of a bullish reversal. Currently, ETH is trading above $2,900, reflecting a decline of around 5.95% over the past week.

Implications of a Red January for Ethereum

The last instance of Ethereum closing five consecutive months in the red was in 2018. That year saw Ethereum underperform considerably, gaining in just 3 of the 12 months. It endured a streak of monthly losses, with November marking the steepest decline of 42.5%.

Following that four-month stretch, Ethereum's downward trend continued for an additional two months before it encountered a brief but sharp recovery in December 2018. Even with this rebound, the cryptocurrency ended January 2019 on a negative note, experiencing a further decline of 20%.

If current trends persist, Ethereum may close January with losses similar to its performance in 2018. Historically, February has often proven to be a bullish month for ETH. However, given the declines from January through April in 2025, it remains uncertain whether Ethereum will adhere to its past bullish tendencies. What stands out presently is that ETH’s price is down, necessitating a significant boost in bullish momentum for a turnaround.

Ethereum
ETH trading at $2,914 on the 1D chart | Source: ETHUSDT on Tradingview.com