Analyst: Recent ETH Decline is a Technical Correction, Expected to Rise Above $3000

According to Cointelegraph, market analysts believe that Ethereum's recent decline is a technical correction aimed at retesting key support levels before continuing to rise to $3,000 and higher. 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 to continue upward."

Analyst Chimp of the North indicated that Ethereum's downside potential might be limited to $2,400. He also mentioned that Ethereum might continue to correct, retesting the $2,400 support level before rising again, with a target range of $3,000 to $3,300.