Ethereum Classic (ETC) is currently priced at $20.82, reflecting a slight increase of 1.20% over the past 24 hours. The daily trading range has been narrow, with a high of $21.10 and a low of $20.57, indicating limited volatility in the short term.

The trading volume over the last 24 hours stands at approximately 63.75 million, translating to a volume-to-market cap ratio of 2.00%. This volume suggests moderate investor interest, yet it remains below levels typically seen during more bullish phases.

Technical indicators reveal bearish momentum, as reflected by the hourly moving averages, which are all trending downward. The 8 SMA at $20.92 has declined by 0.49%, while the 55 SMA shows a more substantial drop of 1.58%, indicating a weakening price trend.

The Relative Strength Index (RSI) values further illustrate a bearish sentiment, with the 1-hour RSI at 41 and the 7-day RSI at 42. These values suggest that ETC is approaching oversold conditions, but they are not yet indicative of a strong reversal signal.

Fundamentally, ETC has faced negative price changes over the past week, with a 7-day decline of approximately 13.07%. This sustained downturn, coupled with a 14-day price change of -6.49%, indicates persistent selling pressure.

Considering the all-time high of $167.09 reached in May 2021, current price levels represent a significant drawdown, highlighting a long-term bearish trend. The current technical setup and price action suggest a continued struggle for upward momentum.

Based on the current technical indicators and fundamental analysis, a Hold rating is warranted for Ethereum Classic at this time. While the price shows slight recovery potential, the overall trend and bearish sentiment suggest that significant upward movement is unlikely in the immediate future.