Ether rallied 5% after a “Monday trap,” but Binance’s ELR hit record highs. $1.65 billion in stablecoin inflows and 208,000 ETH withdrawals indicate strong accumulation. ETH holding $4,700 allows for a push to $5,000, while losing it poses a risk of a sharper correction. Despite the recovery, ETH’s derivatives landscape signals overheating, with Binance’s ELR on ETH hitting a record 0.53. Spot flows show strength, with over $1.65 billion in stablecoin deposits on Binance and 208,000 ETH withdrawals, indicating bullish positioning. Ether bulls need to reclaim $4,700 to maintain control and avoid a deeper correction. Failure to do so could lead to a shift in market structure and trigger a deeper correction. $4,700 remains a crucial pivot level for Ether’s price action.

Read more at Cointelegraph: ETH Rallies But $4.7K Remains Key Pivot Point