We observed the Ultraluminous X-ray Source (ULX) IC 342 X-1 simultaneously in X-ray and radio with Chandra and the JVLA to investigate previously reported unresolved radio emission coincident with the ULX. The Chandra data reveal a spectrum that is much softer than observed previously and is well modelled by a thermal accretion disc spectrum. No significant radio emission above the rms noise level was observed within the region of the ULX, consistent with the interpretation as a thermal state though other states cannot be entirely ruled out with the current data. We estimate the mass of the black hole using the modelled inner disc temperature to be 30 M_{⊙} ≲ M√{cosi}≲ 200 M_{⊙} based on a Shakura-Sunyaev disc model. Through a study of the hardness and high-energy curvature of available X-ray observations, we find that the accretion state of X-1 is not determined by luminosity alone.