Ethereum Classic (ETC) is currently trading at $11.89, reflecting a significant decline of 6.86% over the last 24 hours. The daily price range has remained tight, with a high of $12.81 and a low of $11.60, indicating a lack of volatility in the short term.

Trading volume over the past 24 hours is approximately $101.65 million, contributing to a relatively low volume-to-market cap ratio of 5.51%. This suggests that while interest remains, it is not yet translating into strong price movements, which could indicate a consolidation phase or decreased investor sentiment.

The technical indicators reflect bearish sentiment, particularly the hourly and daily moving averages, which all point to declines ranging from 6.67% to 7.40%. The 1-hour Relative Strength Index (RSI) is critically low at 15, indicating that ETC is oversold in the very short term, while the 7-day RSI at 48 shows a neutral position, suggesting potential for recovery if buying pressure increases.

In terms of price momentum, the 7-day price change is down by 5.48%, the 14-day change is down by 8.50%, and the 30-day change is down by 3.88%. The overall trend indicates a consistent decline, which is concerning for potential bullish reversals in the near term.

Given the current market conditions, including the oversold status reflected in the low RSI and the recent price drops, the immediate outlook for ETC appears bearish. Therefore, the recommendation is to Hold, as entering a position now could expose investors to further downside risk until signs of stabilization or recovery emerge.