Ethereum Classic Price Analysis: ETC/USD drops like a stone, $6.00 in focus

Ethereum Classic (ETC) experienced a sharp sell-off triggered by technical factors.
A recovery above $6.25 is needed to mitigate the bearish pressure.

Ethereum Classic (ETC) lost 2% of its value in a matter of minutes and touched the intraday low of $6.11. At the time of writing, ETC/USD is changing hands at $6.13, down 1.36% both since the start of the day and in the recent 24 hours. The coin takes the 23d place in the global cryptocurrency market rating with the current market value of $722 million.

ETC/USD: Technical picture

Several failed attempts to move above 1-hour SMA50 (currently at $6.25) resulted in a sharp sell-off towards the above-mentioned intraday low. The RSI on the intraday charts points downwards, though it is close to the oversold levels. The further sell-off may be extended towards psychological $6.00; however, the further decline may be limited due to a combination of stop-orders clustered on approach to the important technical level and 4-hour SMA100.

ETC/USD 1-hour chart

On the upside, a recovery above $6.25 is needed to mitigate the bearish pressure and bring the recovery back on track. Once it is out of the way, the upside is likely to gain traction with the next focus on 4-hour SMA50 at $6.40.

ETC/USD 4-hour chart

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