Lido price edges toward $2 after a two-week rally fueled by institutional adoption and Ethereum’s strength. Summary Lido price is approaching $2 after a two-week accumulation phase fueled by GK8’s launch of secure stETH custody services on August 7 Ethereum’s ongoing rally supports Lido’s staking protocol, boosting both stETH value and market sentiment. LDO shows signs of being overheated in the short-term, with RSI nearing 77 and a potential pullback forming. Lido (LDO) price is currently in a parabolic advance following a delayed breakout from a double bottom pattern, with two troughs forming around the $0.62–$0.63 zone and a neckline at $1.18. The initial breakout pushed price to $1.28 before momentum stalled, triggering a sharp pullback to $0.85. That retracement not only slipped below the 20-day EMA but also undercut the neckline breakout level. However, it looks like that pullback served as a healthy correction, flushing out weaker positions as strong buying pressure emerged on the dip, sparking a phase of accumulation that lasted almost two weeks, marked by a series of consecutive green daily candles. About halfway through the accumulation phase, Lido price broke decisively above the neckline resistance, completing the delayed breakout from the double bottom, and continued to rally, culminating in yesterday’s peak at $1.63. Looking ahead, a pullback may be brewing as RSI is overheated at 77 and a bearish divergence begins to form, with momentum lagging behind the latest price high. While buyers still hold the upper hand, the rally’s pace is losing steam. If price stalls or retreats without RSI making a new high, LDO could retrace back toward the breakout zone of $1.18. Source: TradingView You might also like: Memecoins to watch for a breakout this week: SPX6900, PEPE, MOODENG What’s driving Lido price? Although LDO price bounced after the dip to $0.85, the current rally appears to be driven less by the earlier double bottom technical setup — which initially failed — and more by fresh fundamental catalysts. Notably, on August 7, GK8, the institutional-grade custody provider under Galaxy, announced the launch of Lido stETH custody services. This integration enables GK8 clients to securely store stETH using advanced solutions like the fully offline Impenetrable Vault and the ultra-fast uMPC (unlimited Multi-Party Computation) for rapid transaction signing. The news triggered a 12% intraday jump in LDO, kickstarting the sustained accumulation phase that followed as investors priced in stronger institutional adoption of Lido’s staking products. https://twitter.com/LidoFinance/status/1953441456078700947 Additionally, Ethereum (ETH) is surging — currently trading at $4,626 and up 7% in the past 24 hours — edging closer to its ATH of $4,892. This strength in ETH is particularly supportive for Lido, as the protocol’s core business revolves around Ethereum staking. You might also like: RWA plays XLM, INJ, and ONDO gear up for potential double-digit gains this week