Market
Can AAVE Rally Continue as Crypto Whales Inject New Funds?

Crypto whales are back, this time accumulating AAVE, the native token of the decentralized lending platform. This buying spree follows a massive 40% rally over the last seven days.
AAVE is currently trading at $137.93, outperforming all other altcoins in the top 100. Despite this surge, analysis suggests that a retracement may not happen anytime soon.
Better Days Ahead for the DeFi Token
According to Lookonchain, a whale bought over 50,000 AAVE tokens valued at $6.65 million on August 21. Just hours earlier, another whale purchased 11,101 tokens worth $1.45 million.
Crypto whales can greatly influence prices by buying tokens in large quantities. For example, if whales dump a large amount of cryptocurrency, the price often drops. On the other hand, accumulation by whales usually puts upward pressure on prices.
In AAVE’s case, this whale activity is noteworthy, as two other market participants purchased $3.02 million worth of tokens on August 20. These purchases bring the total AAVE accumulated in two days to $12.02 million. Based on the trends mentioned earlier, these recent buys could push the token’s price higher.

In addition, Open Interest (OI) for Aave has surged since August 13. On that date, OI was below $45 million. As of now, it has jumped to $153.94 million, marking the highest level since August 2023.
Open Interest represents the total of all open contracts in the derivatives market. The rising OI indicates that traders are committing more funds to AAVE-related contracts.
If OI had decreased, it would suggest traders were closing positions and withdrawing money. Historically, if the spot market doesn’t drive buying pressure, increased OI can push prices upward. Thus, the DeFi token’s price boost seems fueled by both the spot and derivatives markets.
Read more: How To Use Aave?

AAVE Price Prediction: Higher Values Next
Despite the cryptocurrency’s impressive performance, AAVE is still down 79% from its all-time high. However, BeInCrypto highlights a key development on the weekly chart.
AAVE has broken above a two-year accumulation range between $112 and $130, as shown in the image below. Since 2022, the token struggled to break past this range successfully.
If AAVE’s price continues rising, it could climb toward $280 this cycle for the first time since the bear market. While this might not happen immediately, the prediction suggests it could materialize by late 2024 or early 2025.

On the daily time frame, bulls’ defense of the support at $91.04 seems to have played a crucial role in pushing the price higher. Also, the significant buying pressure was vital in helping to break past the resistance at $106.70.
Currently, the On Balance Volume (OBV) is also rising. This technical indicator uses the volume to measure buying and selling pressure in the market. When it drops, it means that the selling volume is higher than the buying volume.
Therefore, since the indicator increased, it signifies bullish dominance, aiming to push AAVE’s price higher. Should buying pressure increase, the next level for the token to reach might be around $153.64.
Read more: AAVE Price Prediction 2024/2025/2030

However, a rise in profit-taking or a drop in whale accumulation could invalidate this prediction. If this is the case, the value of AAVE might decline to $122.28.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Ethereum Price Approaches Resistance—Will It Smash Through?

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Ethereum price started a recovery wave above the $1,850 level. ETH is now consolidating and facing key hurdles near the $1,920 level.
- Ethereum started a recovery wave above $1,820 and $1,850 levels.
- The price is trading above $1,860 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $1,860 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $1,900 and $1,920 resistance levels to start a decent increase.
Ethereum Price Starts Recovery
Ethereum price managed to stay above the $1,750 support zone and started a recovery wave, like Bitcoin. ETH was able to climb above the $1,820 and $1,850 resistance levels.
The bulls even pushed the price above the $1,880 resistance zone. There was a move above the 50% Fib retracement level of the downward wave from the $2,032 swing high to the $1,767 low. However, the bears are active near the $1,920 zone.
Ethereum price is now trading above $1,850 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $1,860 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $1,900 level. The next key resistance is near the $1,920 level and the 61.8% Fib retracement level of the downward wave from the $2,032 swing high to the $1,767 low.

The first major resistance is near the $1,970 level. A clear move above the $1,970 resistance might send the price toward the $2,020 resistance. An upside break above the $2,020 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,050 resistance zone or even $2,120 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $1,920 resistance, it could start another decline. Initial support on the downside is near the $1,860 level and the trend line. The first major support sits near the $1,845 zone.
A clear move below the $1,845 support might push the price toward the $1,800 support. Any more losses might send the price toward the $1,765 support level in the near term. The next key support sits at $1,710.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $1,860
Major Resistance Level – $1,920
Market
Bitcoin Price Bounces Back—Can It Finally Break Resistance?

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Bitcoin price started a recovery wave above the $83,500 zone. BTC is now consolidating and might struggle to settle above the $85,500 zone.
- Bitcoin started a decent recovery wave above the $83,500 zone.
- The price is trading above $83,000 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $84,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the $83,500 zone.
Bitcoin Price Starts Recovery
Bitcoin price managed to stay above the $82,000 support zone. BTC formed a base and recently started a decent recovery wave above the $82,500 resistance zone.
The bulls were able to push the price above the $83,500 and $84,200 resistance levels. The price even climbed above the $85,000 resistance. A high was formed at $85,487 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $81,320 swing low to the $85,487 high.
Bitcoin price is now trading above $83,500 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $84,550 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $85,200 level. The first key resistance is near the $85,500 level. The next key resistance could be $85,850. A close above the $85,850 resistance might send the price further higher. In the stated case, the price could rise and test the $86,650 resistance level. Any more gains might send the price toward the $88,000 level or even $88,500.
Another Decline In BTC?
If Bitcoin fails to rise above the $85,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $84,500 level and the trend line. The first major support is near the $83,500 level and the 50% Fib retracement level of the upward move from the $81,320 swing low to the $85,487 high.
The next support is now near the $82,850 zone. Any more losses might send the price toward the $82,000 support in the near term. The main support sits at $80,500.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $84,500, followed by $83,500.
Major Resistance Levels – $85,200 and $85,500.
Market
Analyst Reveals ‘Worst Case Scenario’ With Head And Shoulders Formation

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Recent XRP price action has sparked a new prediction from a crypto analyst, as a potential Head and Shoulders pattern emerges on the chart. The analyst warns that this technical formation could trigger a significant price correction for XRP, describing this downturn as the worst-case scenario.
Analyst Predicts XRP Price Crash To $1.15
The ‘Charting Guy,’ a pseudonymous crypto analyst on X (formerly Twitter), has unveiled a potential Head and Shoulder pattern formation on the XRP price chart. The analyst has shared insights into the implications of this technical pattern, projecting a potential crash in the XRP price.
Related Reading
As a well-known bearish reversal pattern, the formation of a Head and Shoulder in the XRP price chart suggests a potential shift from an uptrend to a downtrend. Typically, a Head and Shoulder pattern consists of three peaks: the Left Shoulder, Head, and Right Shoulder. However, the Charting Guy has confirmed that XRP’s current pattern formation consists of two right shoulders and one head. Due to this irregularity, the analyst has expressed doubt about the possibility of the pattern playing out.
If the Head and Shoulder pattern eventually takes shape, it could lead to a significant drop in the XRP price, potentially bringing it down to as low as $1.15. This price level aligns with a key Fibonacci Golden Pocket retracement zone between 0.618 – 0.786.

Notably, the analyst has described this projected price crash as the worst-case scenario for XRP. While he believes a bearish move is possible, the analyst is confident that XRP’s broader market structure is bullish.
Moreover, the Charting Guy argues that if XRP does decline to $1.15, it would likely serve as a healthy retracement in an overall bullish trend. He noted that XRP’s price has been holding the $2 level on daily closes, meaning its price action remains strong above support levels. This also indicates the possibility of an uptrend resumption that could yield higher highs and higher lows for XRP.
Key Support And Resistance Levels To Watch
The Charting Guy’s analysis of XRP’s potential Head and Shoulder pattern formation highlights several critical price levels to watch. Since XRP has consistently closed daily candles above $2, the analyst has determined this level as short-term support.
Related Reading
XRP has also been wicking during recent pullbacks in a crucial range between $1.7 and $1.9. As a result, the crypto analyst has revealed that he will be watching this area closely for a potential price bounce.
The Golden Pocket retracement zone, which represents the worst-case scenario for the XRP price, is between $1.15 and $1.30. If XRP experiences a deeper price correction, lower support levels have been marked from $1.19 to $0.91.
For its resistance levels, the Charting Guy has pinpointed $2.27 as a key price point. Additionally, $3.14 – $3.32 has been identified as an upper resistance range where XRP could rally if bullish momentum resumes.
Featured image from Medium, chart from Tradingview.com
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