Ethereum Classic (ETC) continues to experience a significant downtrend, with both its price and fully diluted valuation (FDV) reaching multi-month lows. The cryptocurrency has been unable to maintain key support levels, trading below critical zones that previously facilitated recoveries in 2023 and 2024. Analysts suggest that ETC may test deeper historical support levels, potentially dropping to $5. The long-term price chart for ETC has shown a consistent decline since July 2023, characterized by failed rallies and a strengthening bearish trend. Short-term analysis on four-hour charts also indicates a persistent downtrend, with repeated unsuccessful attempts to break above the upper channel. The declining FDV reflects reduced market demand and liquidity, highlighting a decrease in capital concentration around Ethereum Classic.