Traders are actively engaging in bullish Ethereum options strategies, buying call options and shorting put options, despite concerns over potential volatility spikes. Key focus levels for options execution are between ETH 3100 and 3300, with discussions on whether the 84 volatility level is too expensive for purchases. Traders are also monitoring potential short squeezes that could impact premium short positions. In a high volatility environment, traders have taken aggressive long positions on ETH 3100 call options expiring on November 21, with one trader realizing a 22% profit and switching to a 3100 straddle, betting on explosive movements. Debates continue over buying high volatility versus selling premiums, with some traders selling 3300 calls and implementing a 2:1 put-call ratio spread to capitalize on expensive put skews while maintaining upside protection. The consensus is that downside moves would reprice higher volatility, but traders are more concerned about sudden upward spikes than downside risks.