Bitcoin and Ethereum are doing poorly. But the damage is not too bad

Things are not looking good for Bitcoin and Ethereum right now. But the damage isn’t too bad if you zoom out.

Perspective is very important when it comes to a financial instrument. Zooming out gives perspective and often hope. After a short green period, Bitcoin, Ethereum and other cryptocurrencies are in a negative spiral. Bitcoin doesn’t seem to be climbing out of its current range, leaving the coin dangling at around $37,000 on Coindesk.

Bitcoin and Ethereum

The past 24 hours has been looking red for Bitcoin, Ethereum and a host of other altcoins. At the time of writing about 2 percent down for Bitcoin. But the past seven days still shows an increase of almost one percent. And that’s the perspective you need to look at. This dip does not have to mean much as long as the climb starts after that. If this does not work and Bitcoin and Ethereum fall further, then that is absolutely not good for sentiment. A scenario below $30,000 is then realistic. You shouldn’t get too far ahead of things, though. Ethereum paints an even more optimistic picture. Today also about 1.5 percent in the minus, but in the past seven days more than 6 percent in the plus.

If you look at the past week, Bitcoin is once again stuck in such a range. A range where no high peaks or troughs are reached, but the coin stumbles a bit like a boring train.