Ethereum Classic (ETC) is currently trading at $8.80, reflecting a significant 10.22% increase over the past 24 hours, with a daily range between $7.96 and $8.98. The trading volume stands at approximately $100.9 million, representing 7.37% of its market cap, indicating healthy trading activity and interest.

Despite the recent price surge, the 7-day Relative Strength Index (RSI) is at 45, suggesting that ETC is approaching neutral territory after a steep decline of nearly 17% over the past week. The longer-term trends show a troubling picture with the 14-day and 30-day price changes at -24.25% and -32.02%, respectively, indicating significant downward momentum.

Technical indicators reveal mixed signals; the 8-hour Simple Moving Average (SMA) at $8.84 is slightly below the current price, while the 21 SMA at $8.49 shows a more positive short-term trend. However, the 144 SMA at $9.32 indicates a longer-term bearish trend, having decreased by 5.56%, which may act as resistance going forward.

The high hourly RSI of 71 indicates that ETC is currently overbought, which could lead to a pullback in the short term. This contrasts sharply with the lack of upward momentum in the longer-term RSI metrics, suggesting that while there may be a short-term opportunity for profit, the overall market sentiment remains cautious.

Given the short-term price increase juxtaposed with declining longer-term performance metrics and a current overbought condition, I recommend a Hold rating on ETC. Investors should monitor for potential short-term gains while being wary of the risk of a retracement, especially in light of the overall bearish trend over the past month.