Aave Restores Borrowing Against Wrapped Ether Following Kelp DAO Exploit
- Borrowing Function Restored: Aave has restored borrowing against wrapped Ether (WETH) across multiple markets, allowing users to once again borrow and execute collateral or debt swaps, marking significant recovery progress from the Kelp DAO exploit in April.
- Ongoing Legal Dispute: The court-approved transfer of 30,765 ETH linked to the Kelp DAO exploit remains embroiled in unresolved legal disputes involving allegations of North Korean hacking, although a judge has permitted the transfer to protect governance voters.
- Liquidity Conditions Shift: Following the exploit, Aave's total value locked (TVL) plummeted from nearly $23.5 billion in March to approximately $14.8 billion, indicating a significant shift in liquidity conditions that has impacted lending activity.
- Kelp DAO Network Consolidation: Kelp DAO plans to discontinue rsETH bridging support on several networks after June 15 as part of a security-focused network consolidation effort, with users seeking fund recovery post-deadline facing a fee of 100 USDC per address.
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Technical Analysis for AAVE
Technical Sentiment Analysis for Aave (AAVE). As of , Aave (AAVE) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 3 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for AAVE stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, AAVE is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Aave (AAVE) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 71.442 | 76.996 | 82.312 | 87.866 | 93.182 | 98.736 | 104.052 |
| Fibonacci | 76.996 | 81.148 | 83.714 | 87.866 | 92.018 | 94.584 | 98.736 |
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