Ethereum Classic (ETC) is currently trading at $12.16, reflecting a significant 6.99% decline over the past 24 hours. The price action has been volatile, with a daily high of $13.20 and a low of $12.12, indicating a narrow trading range of just 1.08%.

Trading volume stands at approximately 72.06 million, contributing to a volume-to-market cap ratio of 3.83%, suggesting moderate interest in the asset despite the recent downturn. The short-term moving averages reveal bearish sentiment, with the 8 SMA and 13 SMA both at $12.25, down 0.73%, while the longer-term 144 SMA at $13.08 shows a decline of 7.02%.

The Relative Strength Index (RSI) readings indicate that ETC is approaching oversold conditions; the 1-hour RSI is at 41, while the 7-day RSI is slightly lower at 40. This suggests a lack of buying momentum, with the 7-day price change down 8.46% and a more significant decline of 20.35% over the past 30 days.

Despite the historical all-time high of $167.09 reached in May 2021, current price levels reflect significant weakness and a bearish trend. The consistent downward price action, alongside negative moving averages and low RSI values, points to a market sentiment that remains pessimistic.

Considering the technical indicators and recent performance, a Sell rating is warranted for Ethereum Classic at this time. The lack of momentum, alongside the bearish trend and declining moving averages, suggests that further downside is likely before a potential recovery can be considered.