Ethereum Classic's price has declined 2.92% over the past 24 hours to $15.57, according to the latest market data. This article will provide a comprehensive technical analysis of Ethereum Classic's recent price movements and major trends.

To begin, Ethereum Classic's market capitalization stands at $2.23 billion. Over the past 24 hours, ETC has seen $122.52 million in trading volume. Looking at the hourly timeframe, ETC is up a slight 0.26% over the past 1 hour. However, zooming out shows larger declines across longer timeframes. Over the past 24 hours, ETC has dropped 2.92%. Over the past week, ETC is down 2.51%. The monthly losses are even larger at 14.43%. And over the past 6 months, ETC has plummeted 26.86%.

Several key factors help explain Ethereum Classic's multi-week downtrend. First, the entire cryptocurrency market has pulled back amid a risk-off environment. Stocks have tumbled, with the S&P 500 falling over 15% in 2022. Rising interest rates and recession fears have driven investors towards safer assets and cash. This has placed significant selling pressure across digital assets. Ethereum Classic, despite its unique value proposition, has not been immune to the broad market forces.

Secondly, Ethereum Classic lacks a key catalyst in the near-term. Unlike Ethereum, which is on the cusp of a major network upgrade known as "The Merge", Ethereum Classic does not have a similarly impactful event on its roadmap. The lack of positive fundamental developments has made it more vulnerable to bearish technical momentum.

Looking closer at the technical picture, ETC has formed lower highs and lower lows across every major timeframe. This demonstrates strong downward momentum. Previously key support levels, like $20 and $17.50 have broken down. Unless ETC can reclaim these levels, additional downside appears likely.

The daily Relative Strength Index (RSI) for ETC sits at 35, squarely in oversold territory. While oversold conditions can precede a relief rally, ETC's multi-week downtrend suggests any bounces will likely be sold into. The 200-day moving average, currently around $24, will likely act as tough resistance on any upswings.

Over the next 6 months, Ethereum Classic may remain highly correlated to Bitcoin and the overall crypto market. If the Federal Reserve continues aggressively hiking rates, recession arrives, and risk asset sentiment deteriorates, ETC could revisit the $10 level. However, if inflationary pressures subside and the macro backdrop improves, ETC could rally back towards the $20-$25 zone. Much will depend on the global monetary policy and growth environment.

To conclude, here are two key questions about Ethereum Classic:

Should Traders Buy the Dip in Ethereum Classic?

Ethereum Classic's nearly 30% decline from its 2022 highs may appear attractive for bottom-fishing traders. However, significant risks remain before a sustainable rebound can take hold. With ETC still in a firmly established downtrend, bearish momentum overriding oversold conditions, and the broadly risk-off environment, traders should exercise caution before buying dips prematurely. A return above $20 and ideally the 200-day moving average would signal conditions becoming oversold enough for long entries. Until key resistance levels are recaptured, traders should wait for further price confirmation before getting overly bullish.

Is Ethereum Classic's Long-Term Outlook Still Strong?

Despite its recent struggles, Ethereum Classic retains fundamentally bullish properties that could drive growth over the long-term. As one of the only proof-of-work and mineable cryptocurrencies following Ethereum's shift to proof-of-stake, ETC offers a unique value proposition within the digital asset ecosystem. Additionally,because its network is fixed and not undergoing radical changes, Ethereum Classic provides a certain reliability and stability distinct from other protocols continually upgrading via hard forks. Its built-in scarcity and crypto-native properties still make ETC a prime long-term store of value and inflation hedge. But near-term macro headwinds may continue weighing on price. Once the broader economy improves however, ETC’s durable utility and discounted prices could power a prolonged upside move.