A serial data channel includes a transmitter that encodes data using a PAM-4 where each symbol is represented by one of four signal levels comprising two balanced pairs of differential signal levels, and a de-emphasis circuit. The circuit determines that a symbol represents as a first instance of a first signal state, determines that a next symbol represents a second instance of the first state, and determines that a third symbol is represented as a second state. The circuit determines that the second state is of a same balanced pair as the first state and, in response, provides a de-emphasis to the second symbol. The circuit determines that the second state is of a different balanced pair as the first state and, in response, provides the de-emphasis and a correction factor to the second symbol.