KelpDAO rsETH Exploit Triggers DeFi Turmoil
- Aave Deposit Collapse: Following the KelpDAO rsETH exploit, Aave's total deposits plummeted from $45.8 billion to $29.6 billion, a staggering loss of $16.2 billion, indicating a severe confidence crisis that could threaten its market position for the long term.
- Spark Protocol Surge: In the aftermath of the rsETH incident, Spark Protocol recorded nearly $1.4 billion in net deposits and approximately $350 million in loan growth within just two days, reaching a total TVL of $1.7 billion in five days, showcasing its appeal as a refuge for users and enhancing its competitive edge.
- Morpho Deposit Decline: Morpho's total deposits decreased from $11.7 billion to $10.2 billion, resulting in a $1.5 billion outflow; although its exposure to rsETH was less severe than Aave's, users are still reducing positions, reflecting a broader trust crisis in DeFi protocols.
- Liquidity Solution Launched: Fluid introduced a dedicated redemption tool allowing users to swap locked aWETH for wstETH or weETH at a discount of about 2.2%, processing approximately $400 million in volume within 48 hours, providing crucial liquidity relief for trapped users.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for AAVE
Technical Sentiment Analysis for Aave (AAVE). As of , Aave (AAVE) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 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 | 51.577 | 68.959 | 84.107 | 101.489 | 116.637 | 134.019 | 149.167 |
| Fibonacci | 68.959 | 81.385 | 89.062 | 101.489 | 113.915 | 121.592 | 134.019 |
About AAVE
About the author
