Ethereum's on-chain data contrasts with Citigroup's conservative $4,300 year-end target, as ETH trades near $4,542 with bullish signals. Short liquidations hit $9M versus $6M long liquidations, fueling upward momentum. Positive 0.005% funding rates indicate sustained long positioning. Key liquidation zones at $4,500–$4,700 could dictate ETH’s next breakout, with potential to challenge $6,000 if bullish trends hold.