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ETH The price of Ethereum is close to US$1895, and Fidelity applied to pledge all of its FETH funds in Ethereum.
After Fidelity applied to allow its FETH fund of approximately US$900 million to pledge up to 100% of Ethereum, the trading price of Ethereum is close to US$1895. At the same time, the spot Ethereum ETF attracted capital inflows on August 12.
Highlights
Fidelity's revised application will allow FETH to pledge all of its ether assets under normal conditions. The U.S. spot Ethereum ETF had a net inflow of approximately US$7.38 million on August 12, while Bitcoin funds had a net outflow of approximately US$61.16 million. Analysts believe Ethereum is expected to rise to $2400 to $3000, but weakening trend strength and declining futures holdings have cooled this outlook.
Fidelity Ethereum Pledge
Fidelity submitted a revised registration statement with the U.S. Securities and Exchange Commission on August 11, planning to add pledge functions to the Fidelity Ethereum Fund (FETH). The fund's net assets are approximately US$900 million. Under normal conditions, FETH can pledge up to all of its Ethereum, but Fidelity will retain some assets for redemption, fees and liquidity needs. The trust will retain 85% of pledge rewards and allocate the remaining 15% to service providers. At present, about 34% of the supply has been pledged. Researchers have proposed EIP-8361, recommending that when the pledge ratio reaches about 50%, the circulation at the consensus level be gradually reduced to zero.
ETF demand has also improved. Data showed that on August 12, the net inflow of the U.S. spot Ethereum ETF was approximately US$7.38 million, while the net outflow of the Bitcoin ETF was approximately US$61.16 million.
Ethereum Price Outlook
Ethereum has been trading on rising parallel channels since August 1, but a decline in the ADX indicator suggests the trend is weakening. A break below this channel could expose the August 1 low of about $1820. Momentum indicators are less pessimistic. The RSI has rebounded from 44 to around 50, and if buyers hold on to lower support, prices still have room to test the midpoint of the channel again. Analyst Ali Martinez (published as Ali Charts) said the $1580 area is once again a springboard and sees $3000 as a target. Lark Davis pointed out that the daily line has a bullish flag and a breakthrough of $1900 may open up space to $2400. Futures holdings have also cooled. Data showed that open interest in Ethereum was approximately $25.11 billion, the lowest level since July 14, indicating that traders have reduced their leverage exposure. Ethereum fluctuated in the range of about $1800 to $1950 for most of August. Continued breakthroughs in this range will be more directional than the recent moderate daily increase.
