#Ethereum has experienced $267.31 million in futures liquidations over the past 24 hours, comprising $146.88 million and $120.43 million in long and short liquidations, per Coinglass data.
$ETH has surged past several key resistance levels over the past week after rising more than 20% above $3,600. The top @altcoin is now aiming to test the resistance near $4,000 to complete the target of a bullish pennant pattern that dates back to May 8. A move above this resistance could see ETH stretch its rally towards its all-time high of $4,878, established in November 2021.
ETH/USDT daily chart
On the downside, $ETH could find support at key levels, including $3,220, an ascending trendline near $3,100 and the $2,850 key level.
The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) have been in their overbought regions for over a week, indicating heightened bullish momentum. However, overbought conditions in both indicators also increase the chances of a pullback.
A daily candlestick close below $2,850 will invalidate the bullish thesis and potentially send $ETH toward $2,500.
