The Ethereum (ETH) futures open interest (OI) has surged to 4.66 million ETH, the highest level since January 2023. This increase in OI suggests that traders are becoming more bullish on the price of ETH. However, the Ethereum futures premium has remained at an annualized range of around 6% since August, slightly above the neutral level of 5%. This suggests that traders are not yet convinced that the price of ETH will continue to rise. Despite the increase in open interest, the lack of leverage use suggests that volatility is unlikely to increase in the short term. This is because traders are not using leverage to increase their exposure to the market. As a result, the price of ETH is likely to remain relatively stable in the coming weeks.