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How would you hedge the value of ETH? I'm not aware of a way to short it.

You should be able to do it on BitMEX. Shorting CBOE Bitcoin futures could also get you part way there.

Multiple ways to short ETH, as mentioned by another user. Including on augur itself!

Sure... in theory. I'm skeptical that there is going to be anywhere near as much demand for 5x levered exposure to ETH as there is for shorting ETH.