Absurd gas fees, and a welcome correction give credit to a short

Trading ETH on options here is a big risk but can play out well. I recommend placing a short here, and closing relatively close to the $440. ETH is currently experiencing some of its highest gas prices ever thanks to DeFi volume. This could be disastrous when the scams get unraveled, but it's still good news for ETH regardless of how many ERC20 tokens turn out to be scams. The important thing to note is that they all require ETH to run transactions so you're still technically getting your money's worth.

Overall I'm still long ETH, but currently I see value in going short with tight stops.

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To note, pay attention to the rising equity versus the drawdown. If ETH breaks upwards it may correct again or you would be better off switching to long at $490.

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*Cough* hits the J. *Cough**Cough*You're right one out of 10 times in crypto.