Analyst: Ethereum's recent drop is considered a technical pullback, with potential for further rise above $3,000

BlockBeats News, May 18th, according to Cointelegraph, market analysts believe that Ethereum's recent drop is a technical pullback aimed at retesting key support levels before continuing its rally to $3,000 and beyond. Cryptocurrency analyst Titan of Crypto stated that the weekly Stochastic RSI is currently at 79, indicating that ETH "still has the momentum to continue upwards."

Analyst Chimp of the North suggested that Ethereum's downside potential may be limited to $2,400. He mentioned that Ethereum might experience further pullback to retest support at $2,400 before rising again towards the target range of $3,000 to $3,300.