Ethereum Classic Drops 3.6% Amid Macro Risk-Off Day

Understanding Ethereum Classic's 3.6% Decline: Macro Factors, Technical Pullback, and Orderly Profit-Taking

Ethereum Classic (ETC) experienced a 3.6% drop over the past 24 hours, primarily due to a combination of macro-driven risk-off sentiment, a technical pullback following a strong run, and orderly profit-taking on lower volume.

Macro Risk-Off Day Hit Altcoins Across The Board

The last 24 hours saw a broad crypto selloff driven by macro data that pressured risk assets, including crypto. US Producer Price Index (PPI) inflation came in hotter than forecasts, and the European Central Bank raised rates by 25 bps, alongside rising oil prices and bond yields. This led to a total crypto market cap down about 3% on the day, with Ethereum, XRP, and Solana each losing roughly 3–5%. Ethereum Classic’s 3.6% decline is in line with this altcoin complex behavior, strongly supporting a "macro day" rather than an idiosyncratic ETC event as the primary driver.

Pullback After A Strong “Old L1” Run, Seen As Technical

Ethereum Classic has been in a short-term uptrend and part of a broader “old layer-1” rotation narrative. Network and market stats show ETC up about 19.6% over the last 30 days, with market cap near $1.2 billion and recent daily volumes around $130 million. This substantial run left ETC exposed to profit-taking once the macro backdrop turned. Over the last 24 hours, ETC drifted from roughly $7.9 to $7.6, a modest retrace after a multi-week climb rather than a collapse. On a 7-day basis, ETC is still slightly positive, fitting the idea that the move is trimming recent gains.