Ambient noise correlation analyses are largely used to monitor temporal medium changes generally associated with stress field variations and/or fluid movement. Here, we analyze the 2021 eruption of La Palma, the most active island in the Canary archipelago, to study its effects on the structure in a post-eruptive stage. To date, most of the studies, whether in volcanic environments or other geological systems, focus on determining seismic velocity changes that can be associated with precursory signals. In our study, we are interested in localizing the medium changes that permit constraining the depth of the most affected structure and suggesting possible mechanisms capable of inducing such alterations. The auto- and cross-correlation functions were computed using the phase cross-correlation strategy. The correlations were linearly stacked using a 3-day sliding window. The combination of these two approaches proved to render the best results. The analysis of 3 years of data resulted in the detection of occasional decorrelation before the eruption, followed by a well-defined decoherence period after the eruption. In addition, the relationship between the waveform correlation and lag time, using autocorrelations from before and after the eruption, permits identifying phase shifts and waveform distortion, which are sensitive to different parameters and, thus, have great importance in inferring the possible mechanism. Phase shifts occur when there is only velocity change without changing the structure, whereas waveform distortion is caused by a structural (geological) change. We also inferred the depths at which the most significant medium alterations occur. We observed that the decorrelation occurs at lag times corresponding to changes localized in depth. The surface structure appears to not have undergone significant medium changes for depths until approximately 8 km, either before or after the eruption.