Analyst: ETH rises to $4100 in the short term or after a pullback

Cryptocurrency analyst Pelin Ay stated that there is a structural pattern in Ethereum's leverage dynamics, where when Binance's leverage ratio rapidly rises above the price, there may be a brief bearish candlestick clearing of over leveraged long positions, usually followed by a strong rebound. Similar situations have occurred multiple times in 2025. At present, the leverage ratio of Ethereum is about 0.60, which is at a relatively high level, and market risk appetite still exists. If there is a 25% rebound, ETH price may break through $4100, but there is a high possibility of short-term correction.