According to Cointelegraph, market analysts believe that the recent decline in Ethereum is a technical correction aimed at retesting key support levels before continuing to rise to $3,000 and above. Crypto analyst Titan of Crypto stated that the current value of the weekly Stochastic Relative Strength Index (Stochastic RSI) is 79, indicating that ETH "still has momentum for further growth."
Analyst Chimp of the North pointed out that the potential decline of Ethereum may be limited to the $2,400 level. He also noted that Ethereum may continue to correct, retesting the $2,400 support level before a new rise, with a target range from $3,000 to $3,300.
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