What does a triangular sign with a red border, white background, and the word 'CEDA EL PASO' instruct a driver to do?

1. Come to a complete stop only if another car is within 5 meters
2. Slow down and yield right-of-way to all vehicles and pedestrians on the intersecting road, stopping completely if necessary
3. Accelerate to merge into traffic ahead of approaching vehicles
4. Maintain speed because the driver has priority