Kelp DAO Completes rsETH Recovery Plan After $293 Million Hack
- Recovery Plan Completion: Kelp DAO has successfully completed the final operational step of its rsETH recovery plan by transferring 20,373.7 rsETH to the LayerZero smart contract, marking a significant milestone in restoring operations after the $293 million hack on April 18.
- Liquidity Restoration: Following the final transfer, Kelp DAO has reopened withdrawals and resumed rsETH bridging between the Ethereum mainnet and supported layer 2 networks, allowing users to freely move assets, thereby enhancing user confidence in the protocol's stability.
- Market Impact: The aftermath of the hack has seen Aave's total value locked plummet from over $26 billion to below $14 billion, and while outflows have slowed, the market's struggle to recover highlights the fragility of the DeFi ecosystem and the urgent need for enhanced security measures.
- Ongoing Legal Disputes: Legal disputes related to approximately 30,765 ETH, valued at nearly $71 million and linked to the Lazarus Group, continue to unfold, complicating the situation for Kelp DAO and LayerZero and intensifying tensions between the two parties.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ETH 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, ETH 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 $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1828.22 | 1918.76 | 2017.06 | 2107.6 | 2205.9 | 2296.44 | 2394.74 |
| Fibonacci | 1918.76 | 1990.897 | 2035.463 | 2107.6 | 2179.737 | 2224.303 | 2296.44 |
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