#GT# #BTC# #XRP# #ETH# #DOGE# Ethereum recorded its fifth consecutive monthly decline despite the technical rebound. Ethereum closed the month of April with a Doji Dragonfly pattern above the support zone at $1,550.

ETH has recorded five consecutive red monthly candles since December 2023.
The long lower wick of April indicates a rejection of the low levels near the demand levels in mid-2023.
Ethereum ended the month of April with its fifth consecutive monthly red candle, continuing its extended losing streak that began in December 2023. This represents the longest monthly decline for Ethereum since the bear market of 2018, reinforcing market caution regarding the sustainability of bullish momentum. Nevertheless, analysts have noticed technical signals that may indicate a change in price behavior.
April closed with a hammer candle above support levels.
The monthly chart shape for Ethereum for April shows a dragonfly doji candle, which is often interpreted as a potential bottom structure in technical analysis. The candle exhibited a long lower wick and a small real body near the top of the range, indicating a rejection of lower prices. Price action fell during the month below the lowest levels recorded between August and October 2023 before rebounding and closing above a key horizontal support zone.
A deeper analysis conducted by CryptoBullet indicates that the monthly chart for Ethereum shows five consecutive red candles, repeating the decline that lasted for six months during the bear market of 2018. The current pullback started from a range of 3600 Dollar, then declined to a key support zone near 1550 Dollar. The April candle formed a long lower wick and closed above the support level, indicating a rejection of lower prices.