Ethereum nears unprecedented third straight losing month as price tests $2,000
In brief
- Ethereum's Q1 2024 declined 29.1%, with Q2 also in negative territory
- ETH may complete three straight losing months—a historic first—if June weakness continues
- Token trades below major moving averages and tests $2,000 psychological support level
- RSI near 33 signals oversold conditions; Bitcoin has outperformed ETH through most of 2024
Record-Breaking Decline
Ethereum's first quarter of 2024 ended with a 29.1 percent decline, and Q2 is currently in negative territory. According to historical data, Ethereum has never closed in negative territory for three consecutive months. Should June follow suit, the asset would set a new anti-record—a distinction that underscores the severity of its current downturn.
May's weakness has put Ethereum in danger of continuing its record-breaking monthly losing streak into June. The token isn't just struggling in isolation. Throughout the majority of the year, the asset has already lost ground to Bitcoin, a relative weakness that compounds the pressure on traders holding ETH positions.
Technical Breakdown
Ethereum is currently trading below its major moving averages after breaking out of a declining consolidation pattern. The technicals paint a picture of distribution—sellers in control. Additionally, Ethereum is testing a critical psychological support level at about $2,000. That level matters. Breaks below it could accelerate selling pressure further.
Near 33, the Relative Strength Index has entered oversold territory, a level traditionally linked to seller fatigue. Oversold doesn't mean a bounce is imminent—it's a signal that selling has reached extremes, but momentum can stay compressed for weeks or months. Even though the asset has gone through severe bear markets, such as the 2018 collapse and the 2022 crypto winter, this three-month losing streak would be structurally unique in its history.
