Ethereum bull market strengthens, $14 million in shorts liquidated – is $5,000 the next target?

Ethereum recently surpassed $4,700 thanks to increased Open Interest and short positions being liquidated. The 30-day NVT ratio shows historical lows, indicating high transaction activity and potential undervaluation, reinforcing bullish sentiment.

The derivatives market reveals significant short liquidations with $14 million in shorts versus $3 million in longs. This trend indicates pressures on bearish positions, giving bulls a potential advantage as the market eyes further price moves toward $5,000.