- ETH trades at $1,867.68 on August 5, rangebound between two Fibonacci levels with MACD yet to turn bullish
- Spot ETH ETFs logged $53.75M on August 4 led by BlackRock’s $42.46M, opening a fifth straight positive week
- Six Ethereum developers proposed EIP-8363, which would burn 100% of validator rewards once staked ETH hits 60.25M
Five straight weeks of ETF inflows and a validator reward burn proposal that could reshape ETH’s supply, and the price is barely moving. ETH trades at $1,867.68 on August 5, flat on the day, with the $1,900 trendline still overhead and the market still waiting for something to force a decision.
ETH Holds the 0.382 Fibonacci but the Descending Trendline Has Not Broken
ETH is trading at $1,867.68, sitting between the key support level at $1,837 below and the $1,939 resistance above. Today’s session was tight, ranging from $1,859.79 to $1,876.50, with no directional conviction in either direction.
The descending trendline from May’s peak near $2,373 continues to slope through the $1,900 area and has rejected every meaningful recovery attempt since June. It converges with the $1,939 resistance, making the $1,900 to $1,940 zone the cluster price needs to clear before $2,000 comes into play.
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MACD tells the same cautious story. The MACD line at -9.73 is still below the signal line at 16.54 and the histogram has not yet crossed into bullish territory. Momentum has not confirmed the recovery. Until the MACD crosses or the trendline breaks, the path of least resistance stays sideways.
ETH Support and Resistance Levels, August 5, 2026
| Type | Price | Level |
| Resistance | $1,939.99 | 0.5 Fibonacci, clusters with descending trendline |
| Resistance | $2,042.22 | 0.618 Fibonacci |
| Resistance | $2,187.76 | 0.786 Fibonacci |
| Resistance | $2,908.57 | 1.618 Fibonacci extension |
| Support | $1,837.76 | 0.382 Fibonacci, key floor |
| Support | $1,711.27 | 0.236 Fibonacci |
| Support | $1,506.81 | June low, Fibonacci base |
Spot ETH ETFs Open Fifth Straight Week in Green
Spot Ethereum ETFs recorded a $53.75M daily net inflow on August 4, the strongest single day since late July. BlackRock’s ETHA led with $42.46M, followed by Fidelity’s FETH at $9.34M and Bitwise’s ETHW at $1.34M. Morgan Stanley’s MSSE added $605.21K. All other products recorded zero flow on the day.
The current week has already pulled in $42.33M across just the first two sessions, Monday and Tuesday, with three days still remaining. That puts the week on pace to extend what is already a fifth consecutive positive week for ETH ETFs. Cumulative net inflows across all products now stand at $11.25B with total net assets at $10.32B.
| Week | Weekly Net Inflow |
| Aug 4 (partial, 2 days) | $42.33M |
| Jul 31 | $27.42M |
| Jul 24 | $103.90M |
| Jul 17 | $105.44M |
| Jul 10 | $84.42M |
EIP-8363: A Supply Shock Proposal That Is Splitting the Community
Six Ethereum developers including Justin Drake proposed a new issuance policy on August 5 called Tapered Issuance Burn, formally EIP-8363. The proposal would burn a growing share of validator rewards as the amount of staked ETH rises, with the burn rate hitting 100% once staked ETH reaches 60.25 million, roughly half of total supply. The rollout would happen over 18 months.
Co-author Jérôme de Tychey framed unchecked issuance as a “dilution tax” on every ETH holder, arguing the plan would prevent large custodians and liquid staking providers from concentrating supply. Analyst Zach Pandl called the development a negative supply shock and argued it is straightforwardly positive for ETH price.
The proposal has drawn significant pushback though. Solo validators, smaller stakers, and DeFi builders have warned that the burn mechanism would squeeze out smaller participants before large institutions feel any meaningful impact, and that it could reduce staking yields in ways that dent institutional demand for ETH.
The proposal is at the discussion stage and has not been scheduled for any upgrade, but the supply implications are already being debated across the ecosystem as a potential long-term price catalyst.
| EIP-8363 Detail | Value |
| Proposal Name | Tapered Issuance Burn |
| Lead Authors | Justin Drake and Jérôme de Tychey, among others |
| Mechanism | Burns growing share of validator rewards as staked ETH rises |
| Full Burn Threshold | 60.25M ETH staked (~50% of total supply) |
| Rollout Timeline | 18 months |
| Bull Argument | Negative supply shock positive for ETH price |
| Bear Argument | Pushes out solo validators, may reduce institutional staking demand |
Ethereum Price Prediction: Upside and Downside Targets
Bullish Case, Target: $2,042 (0.618 Fibonacci)
ETH holds the 0.382 Fibonacci at $1,837.76 and the MACD histogram begins contracting toward a bullish crossover. ETF inflows extending into a fifth consecutive week draw fresh institutional attention, and EIP-8363’s supply shock narrative gains traction as a longer-term price driver. The descending trendline breaks on a daily close above $1,940, opening the path toward the 0.618 Fibonacci at $2,042.22 and the $2,000 level.
Bearish Case, Risk Level: $1,711 (0.236 Fibonacci)
The descending trendline continues to reject price and MACD fails to cross bullish, keeping momentum sellers in control. EIP-8363 controversy weighs on staking sentiment and ETF inflow pace slows heading into the second half of the week. ETH loses the 0.382 Fibonacci at $1,837.76 and slides toward the 0.236 level at $1,711.27, with the June low at $1,506.81 as the deeper floor if selling accelerates.
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