Analyst: ETH may rise to $4100 after a short-term pullback

According to Cointelegraph, the futures market trend indicates that ETH may have an upside potential of 10% to 25%. However, before any sustained rebound forms, the market may first experience a price drop triggered by forced liquidations.

Crypto analyst Pelin Ay points out a recurring structural pattern in Ethereum's leverage dynamics: when Binance's leverage rapidly rises above the price, a brief downward shadow (lower wick) occurs, clearing out over-leveraged long positions, which is usually followed by a strong upward rebound. This pattern has appeared multiple times in 2025, particularly in February, April, September, and November. A similar situation occurred in October, when a sharp rise in leverage triggered a sudden sell-off, followed by a continuation of the trend.

Currently, Ethereum's leverage is around 0.6, which is relatively high. It is worth noting that despite the recent price increase, the leverage has not decreased, indicating that market risk appetite still exists. From the current level, if a 25% rebound occurs, the ETH price will break through $4,100, but the possibility of a slight pullback remains high.