Ethereum is facing a potential bull trap around $4,000, as on-chain data shows a decrease in spot inflows and an increase in leverage, with estimated leverage skyrocketing to 0.90. Weak buy low orders between $3,800 and $4,000, along with concentrated liquidation orders, have exacerbated volatility, while the ETH/BTC Exchange Rate has dropped 3.7% this week, indicating bearish pressure and investor preference for Bitcoin.

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