Ethereum Classic price analysis: ETC/USD breaks week-long winning streak

Ethereum Classic is a perfect example of from rags to riches and back to the rags. While other cryptocurrencies struggled to stay above key support areas throughout last week and part of this week, ETC posted an impressive winning streak.

From the support at $5.5, ETC/USD smashed through several resistance areas including the 23.6% Fib retracement level taken between the last swing high of $7.69 to a swing low of $5.5, $6.25and $7.0.

Ethereum Classic bulls had their focus on $10 but failed to make headway above $7.5. In the last several days, sideways trading dominated the market. However, the drop below the 100 Simple Moving Average (SMA) 1-hour coupled with the bear wave across the crypto market gave ETC a negative push.

Support appears to have been established at $6.0 coinciding with the 38.2% Fib level. Unfortunately, this support might not last long as technical levels point towards increasing selling activity. The Relative Strength Index (RSI) is still sliding deeper in the oversold. Similarly, the bears' strength is backed by the increasing negative divergence with the Moving Average Convergence Divergence.

ETC/USD 1-hour chart