On-chain analytics platform Glassnode has released data showing that ETH short-term options prices have surged significantly over the past 48 hours. Specifically, 1-week implied volatility (IV) rose from 65.2% to 79.0%, while 1-month IV increased from 66.4% to 72.1%. Analysts believe that this steepening of the volatility term structure reflects a growing demand for short-term protection or upside risk exposure in response to the potential for a rapid price breakout in ETH.