Ethereum Classic ($ETC ) is currently experiencing a downtrend, with a 24-hour price change of -3.045% and trading within a tight range between 16.15 (support) and 16.87 (high). The Bollinger Bands indicate low volatility, as the upper and lower bands are closely aligned around this range. Despite an undefined correlation with Bitcoin, macroeconomic factors such as regulatory uncertainty and inflationary pressures weigh heavily on investor sentiment, potentially leading to further declines. Traders should adopt a short-term approach due to the volatility, focusing on price action around key resistance at 17.34. The key takeaway is that while the market is presently bearish, caution is advised as external macro factors could shift sentiment abruptly.

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