Ethereum is nearing its all-time high, with implied volatility (IV) rising across all maturities. Short-term at-the-money options have surpassed 70% IV, indicating heightened market activity. Large trades and overall transaction ratios are skewed towards bullish call options, with skew becoming increasingly positive. Fear of missing out (FOMO) sentiment is at elevated levels, suggesting strong market optimism as Ethereum approaches its previous peak.