Ethereum Nears $5,000, Potential Short Squeeze Fuels Bullish Pennant Formation

Ethereum is poised for a significant price jump, currently trading near $4,330. Technical analysis indicates strong support between $3,800 and $4,200, potentially fueling a bullish breakout above $5,000. Over $5 billion in short positions stand to be liquidated if the cryptocurrency surpasses this crucial level. 20-hour chart data reveals concentrated buy orders within this range, with substantial buying pressure beneath the current price.