Mt Ruapehu is slowly cooling down after its Crater Lake peaked at 41C last month, GNS Science says.
The temperature of the lake has now fallen to about 33C and other monitored indicators show less activity.
However, GNS Science said its aviation alert remained on yellow, or elevated unrest, despite decreasing activity and no signs of an imminent eruption.
Steam might be seen above the crater and the lake colour might change if lake sediments were disturbed by gas and heat flows.
Earlier this month, GNS Science upgraded the alert to yellow following a sustained rise in the temperature of the crater lake.