Ethereum and Bitcoin experienced a sharp pullback, with BTC falling below $80,000 and ETH below $2,300 as Brent crude rose 2.8% to $118 per barrel. Leveraged positions have already been heavily reduced, with altcoin open interest losing nearly $9 billion from its recent peak. The ETH/BTC ratio is approaching 0.28, a support level that previously generated a nearly 15% rally, while the validator entry queue has increased by more than 11%, adding about 140,000 ETH to the staking queue. The exit queue’s collapse from 282,000 ETH to 3,500 ETH and Bitcoin’s consolidation below 60% dominance could set the stage for an ETH/BTC recovery in November.
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