[Analyst: ETH May Rise to $4,100 After a Short-Term Pullback] BlockBeats News, January 16, according to a report by Cointelegraph, trends in the futures market indicate that ETH may have an additional 10% to 25% upside potential. However, before any sustained rally forms, the market may first experience a price drop triggered by forced liquidations. Crypto analyst Pelin Ay pointed out a recurring structural pattern in Ethereum's leverage dynamics: when Binance's leverage ratio rapidly rises above the price, a brief lower shadow (downward wick) often appears, clearing overly leveraged long positions, which is then typically followed by a strong upward rebound. This pattern occurred multiple times in 2025, particularly in February, April, September, and November. A similar situation also happened in October, when a sharp increase in leverage ratio triggered a sudden sell-off, after which the trend continued. Currently, Ethereum's leverage ratio is approximately 0.60, which is relatively high. Notably, despite the recent price increase, the leverage ratio has not decreased, indicating that market risk appetite remains. From the current level, a 25% rebound would push ETH's price above $4,100, but the likelihood of a minor pullback remains relatively high.