Bimodal magmatism is characteristic of the geodynamic evolution of the Main Ethiopian Rift (MER), which is a reference area for the study of the processes leading to continental break-up before seafloor spreading. There are abundant emissions of basalts and rhyolites, which are in possible parent-daugther relationships. However, the P-T-H2O conditions of production and storage of the basaltic end member remain unclear. Crystallization experiments have been conducted on an alkali basalt from the MER to define its pre-eruptive conditions and shed light on the compositional evolution of derivative liquids and source conditions. The experiments were performed at 100-200 MPa, 975-1080°C, varying H2O/CO2 ratios, corresponding to melt water contents of 1-5 wt%, at fO2 slightly lower than the Fayalite-Magnetite-Quartz (FMQ) solid buffer. Comparison between the petrological attributes of the starting rock and the experiments shows that the basaltic magma was stored at 150-200 MPa, 1050 ± 10°C, with 1-2 wt% H2O in melt, with fO2 near FMQ prior to eruption. Geochemical modelling shows that the corresponding mantle source contained about 0.1 wt% H2O, reflecting a metasomatized source. Extensive crystallization of such basalts produces SiO2-rich liquids, which are not yet peralkaline, however. This underscores that extreme fractionation (>90 wt%) is required in order to produce peralkaline derivatives from mildly alkaline basalts. This extreme fractionation and the water-rich nature of the starting basalt readily explain the H2O-rich condition of peralkaline rhyolites that have fueled caldera forming eruptions in the Rift.