Bloomberg: Ethereum is up over 4% following $62.88 million in ETH futures liquidations in the past 24 hours, per Coinglass data. Liquidated long and short liquidations accounted for $28.17 million and $34.71 million, respectively. ETH retested the $3,400 neckline resistance of a Head-and-Shoulders pattern over the weekend and finally broke above it on Monday.

ETH/USDT daily chart If ETH sustains an extended move above the $3,400 resistance, it could surge above its yearly high resistance of $4,093 with a 30% rally to $4,522. To complete such a move, ETH has to overcome the $3,732 key resistance level. The Relative Strength Index (RSI) and Awesome Oscillator (AO) momentum indicators are trending upwards above their neutral levels, indicating rising bullish pressure. A daily candlestick close below the $3,000 psychological level will invalidate the bullish thesis and send ETH to find support at the $2,817 level.