Ethereum is retesting a significant 1,400-day downward triangle pattern as a massive $16 billion options expiry approaches on October 31. According to Deribit data, 642,000 ETH options, valued at nearly $2.5 billion, are set to expire, with a put-call ratio of 2.0 indicating strong bearish sentiment. Currently trading near $3,830, Ethereum faces key resistance at $4,800. Analysts caution about potential volatility due to declining institutional interest and ETF outflows, though some technical analysts suggest a possible bull-run continuation in November.