Ethereum climbed to $1,895 on August 13 after Fidelity filed with the SEC to add staking to its ETH ETF. The filing coincided with Ethereum funds posting the only inflows among crypto ETFs on August 12, while Bitcoin funds saw outflows. Analysts are now eyeing a rising price channel and a daily bull flag for signs of Ethereum's next move.
Ethereum trades at $1,895, up 0.42% on August 13. The gain follows Fidelity's filing with the SEC to add staking to its Fidelity Ethereum Fund (FETH).
Fidelity's Staking Filing Lifts ETH ETF Demand
Fidelity's filing notes that the asset manager could stake up to 100% of FETH, a fund that holds $903 million in net assets per SoSoValue data. If regulators approve the plan, Fidelity would keep 85% of the staking rewards, while the remaining 15% goes to custodians, sponsors, and node operators.
The filing lines up with a shift in institutional flows. SoSoValue data shows Ethereum ETFs were the only funds to post inflows on August 12, even as Bitcoin ETFs recorded $61 million in outflows and other altcoin ETFs saw zero flows.
Record Staking Ratio Fuels Upgrade Debate
Ethereum staking has also reached an all-time high, with 34% of the ETH supply now staked. That ratio has fed calls for an EIP-8362 upgrade that would eliminate staking rewards once staked ETH reaches 50% of supply. Critics have pushed back, arguing developers should instead focus on boosting Ethereum's utility.
Price Sits in Rising Channel as Targets Reach $3,000
ETH has moved within a rising parallel channel since August 1, though a falling ADX line suggests the uptrend is weakening. That has pushed the price down to the channel's lower trendline, and a close below that level could send ETH toward the August 1 low of $1,820.
Still, the RSI has risen from 44 to 50, suggesting bears are losing their grip. Analyst Ali Charts says Ethereum could reach $3,000 after closing above support at $1,580. Lark Davis separately points to a bull flag on the daily chart that could send ETH to $2,400 if it breaks $1,900.
Open Interest Slips to a Monthly Low
Coinglass data shows Ethereum's open interest has dropped to $25.11 billion, its lowest level since July 14. The decline suggests futures traders are closing positions as ETH remains stuck between $1,800 and $1,950.
Even so, positioning still leans long. The long/short ratio stands at 2.43 on Binance and 1.67 on OKX, indicating more traders are betting on a rebound than a further drop.
Source: CoinGape
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