{"schema_version":"1.0","name":"ETH3 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"000c0c8b-a331-4332-ae4b-ec21635b11e0","symbol":"ETH3","name":"Leverage Shares 3x Long Ethereum ETP","exchange":"EBS","country":"CH","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price structure remains rotational.","sections":[{"name":"Executive technical read","description":"Completed-week price state, Market Dynamics alignment, current price and the principal technical KPIs."},{"name":"Market Dynamics","description":"The proprietary relationship between completed price, underlying support, positioning zones and confirmation."},{"name":"Ticker evidence record","description":"Current application, comparable historical conditions, zone outcomes and practical review conditions."},{"name":"Adaptive technical evidence","description":"Six condition-selected views: Trend, acceptance and volatility envelope, Drawdown and recovery pressure, Activity pressure and cumulative balance, Acceleration, deceleration and rollover, Range position and boundary pressure, Range pressure and compression."},{"name":"SM Tape Intelligence","description":"Resolved consensus with Control, Force, Direction and Confirmation gauges against completed price."},{"name":"Research boundary","description":"Dated scope, interpretation limits, methodology version and source references."}],"research":{"available":true,"asOf":"2026-08-21","observations":39,"displayedObservations":39,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price structure remains rotational.","evidenceAlignment":{"status":"Positive support; price rotational","headline":"Market Dynamics is positive while price has no clear direction","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price structure remains rotational.","take":"The underlying condition is constructive, but a positive price response is still required.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"values":[0.025088,-0.042051,-0.134802,-0.124551,-0.092243,-0.061414,0.037724,0.080207,0.182192,0.324227,0.444185],"opens":[3.55,3.5,2.6,3.3,3.85,3.95,4.15,4.75,3.95,4.45,4.4],"highs":[3.55,3.5,2.7,3.5875,4.1,4.2,4.9,4.85,4.4,4.55,9.9],"lows":[3.55,3.5,2.6,3.3,3.85,3.8,4.15,4.1,3.95,4.0,4.2],"closes":[3.55,3.5,2.7,3.5875,4.1,3.8,4.3,4.1,4.4,4.15,9.202],"hoverRows":[[{"label":"Open","value":"3.55","className":"is-ohlc","compact":true},{"label":"High","value":"3.55","className":"is-ohlc","compact":true},{"label":"Low","value":"3.55","className":"is-ohlc","compact":true},{"label":"Close","value":"3.55","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.03","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"3.50","className":"is-ohlc","compact":true},{"label":"High","value":"3.50","className":"is-ohlc","compact":true},{"label":"Low","value":"3.50","className":"is-ohlc","compact":true},{"label":"Close","value":"3.50","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.04","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2.60","className":"is-ohlc","compact":true},{"label":"High","value":"2.70","className":"is-ohlc","compact":true},{"label":"Low","value":"2.60","className":"is-ohlc","compact":true},{"label":"Close","value":"2.70","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.13","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"3.30","className":"is-ohlc","compact":true},{"label":"High","value":"3.59","className":"is-ohlc","compact":true},{"label":"Low","value":"3.30","className":"is-ohlc","compact":true},{"label":"Close","value":"3.59","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.12","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"3.85","className":"is-ohlc","compact":true},{"label":"High","value":"4.10","className":"is-ohlc","compact":true},{"label":"Low","value":"3.85","className":"is-ohlc","compact":true},{"label":"Close","value":"4.10","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.09","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"3.95","className":"is-ohlc","compact":true},{"label":"High","value":"4.20","className":"is-ohlc","compact":true},{"label":"Low","value":"3.80","className":"is-ohlc","compact":true},{"label":"Close","value":"3.80","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.06","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"4.15","className":"is-ohlc","compact":true},{"label":"High","value":"4.90","className":"is-ohlc","compact":true},{"label":"Low","value":"4.15","className":"is-ohlc","compact":true},{"label":"Close","value":"4.30","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.04","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"4.75","className":"is-ohlc","compact":true},{"label":"High","value":"4.85","className":"is-ohlc","compact":true},{"label":"Low","value":"4.10","className":"is-ohlc","compact":true},{"label":"Close","value":"4.10","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.08","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"3.95","className":"is-ohlc","compact":true},{"label":"High","value":"4.40","className":"is-ohlc","compact":true},{"label":"Low","value":"3.95","className":"is-ohlc","compact":true},{"label":"Close","value":"4.40","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.18","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"4.45","className":"is-ohlc","compact":true},{"label":"High","value":"4.55","className":"is-ohlc","compact":true},{"label":"Low","value":"4.00","className":"is-ohlc","compact":true},{"label":"Close","value":"4.15","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.32","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"4.40","className":"is-ohlc","compact":true},{"label":"High","value":"9.90","className":"is-ohlc","compact":true},{"label":"Low","value":"4.20","className":"is-ohlc","compact":true},{"label":"Close","value":"9.20","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.44","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[2.30988,9.59212],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":0.444185,"state":"Positive and strengthening","context":{"scenario":"positiveSustained","latestDirection":"strengthening","fourWeekDirection":"strengthening","now":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeek":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"price":{"label":"Price and Market Dynamics are broadly aligned","detail":"The current price response is broadly consistent with the underlying Market Dynamics path."}},"diagnosis":{"label":"Extended but supported","detail":"Price is inside distribution conditions, but Market Dynamics still offers support. Extension can persist; a rollover has not been confirmed.","tone":"caution"},"chartSummary":"Price is in the distribution zone. The Market Dynamics bars show whether underlying support is keeping pace with that elevated price.","summary":"Price is inside distribution conditions, but Market Dynamics still offers support. Extension can persist; a rollover has not been confirmed.","annotations":[{"label":"Current tape relationship","value":"Extended but supported","detail":"Market Dynamics strengthened this week and remains positive.","tone":"caution"},{"label":"Price location","value":"Distribution zone","detail":"Price is extended; support can persist, but rollover risk must be monitored.","tone":"caution"},{"label":"Latest positioning marker","value":"None in view","detail":"Entering the lower zone alone does not create a positioning confirmation.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Supported","detail":"Underlying support has strengthened across the recent completed path.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":11,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"close":[37.22,42.5,43.6,32.65,30.35,30.815,33.4,41.15,28.0,21.7,6.75,6.9,6.7,6.3,7.75,9.0,8.5,6.6,7.0,9.25,11.9,9.75,9.1,9.25,8.4,7.3,6.0,3.0,3.55,3.5,2.7,3.5875,4.1,3.8,4.3,4.1,4.4,4.15,9.202],"consensus":[-100.0,89.2473,0.0,40.678,-56.3861,-35.0993,-23.8652,51.2129,-56.3865,-66.8231,-82.231,-48.3245,-47.123,-46.8219,-14.1699,0.0,-32.7158,-45.4873,-32.6207,0.0,27.7259,-27.4179,-23.2607,-21.4256,-34.5619,-35.2751,-40.7675,-57.4673,-26.5432,-27.6501,-19.9049,0.0,0.0,-25.3204,0.0,-20.0855,11.0661,-14.1898,69.371],"supportDates":["2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"control":[null,null,null,null,null,-33.5177,-18.2101,41.1613,-55.588,-62.3703,-80.5127,-43.9907,-41.0217,-40.5517,-17.0617,0.0,-47.3055,-57.3206,-46.4101,0.0,24.8054,-42.0044,-40.9252,-35.1271,-43.2269,-48.3515,-48.1679,-66.3512,-24.7319,-27.1859,-10.8948,0.0,0.0,-42.8183,0.0,-37.1464,14.3627,-24.4515,58.8348],"force":[-100.0,89.2473,0.0,40.678,-48.5282,-19.5989,-19.5834,79.209,-84.4788,-81.3696,-90.3347,-14.9786,-16.9996,-19.4258,-27.8903,0.0,-17.7625,-44.6344,-9.8724,0.0,63.5495,-37.5578,-17.645,-12.9693,-31.2578,-24.507,-37.7446,-56.4336,-4.5646,-8.6393,-2.8931,0.0,0.0,-14.8784,0.0,-15.7712,20.859,-17.0849,95.3314],"direction":[null,null,null,null,-61.9989,-47.9785,-33.3866,42.7034,-37.2333,-61.5218,-78.4063,-77.0959,-75.6126,-73.5566,-40.908,0.0,-26.7227,-32.5726,-33.1102,0.0,5.4754,-3.5049,-7.0838,-11.8069,-27.0191,-28.0222,-34.4692,-48.0526,-44.3123,-41.7599,-42.3536,0.0,0.0,-12.7814,0.0,-3.6691,0.3036,-0.3941,62.8692],"intensity":[null,null,null,null,25.0,20.0,83.3333,85.7143,87.5,77.7778,100.0,45.4545,8.3333,23.0769,28.5714,26.6667,37.5,41.1765,22.2222,47.3684,55.0,42.8571,13.6364,4.3478,12.5,60.0,38.4615,66.6667,7.1429,3.4483,20.0,19.3548,12.5,6.0606,17.6471,5.7143,11.1111,8.1081,78.9474],"confirmation":[54.6667,51.2258,1.28,35.6836,63.0177,78.7835,75.5925,85.3945,86.912,89.8946,94.5871,82.5136,82.2543,82.2436,31.8251,7.4848,77.791,82.3496,77.5352,6.717,55.3419,54.1938,52.3364,74.3897,78.8271,78.7606,80.8407,86.2227,53.1849,76.2757,51.3218,7.0448,4.1024,75.5177,4.4303,51.3692,49.1227,49.8059,91.1504],"persistence":[null,null,0.0,25.0,0.0,16.6667,28.5714,12.5,12.5,37.5,50.0,75.0,75.0,75.0,75.0,87.5,87.5,87.5,87.5,75.0,50.0,50.0,50.0,62.5,62.5,62.5,62.5,75.0,100.0,100.0,100.0,87.5,75.0,75.0,62.5,62.5,37.5,37.5,12.5],"assessmentRisk":[null,null,null,null,12.7126,31.1385,36.2077,19.8244,11.8463,10.3532,8.8016,25.8301,26.221,25.5891,14.7889,17.9051,30.9288,25.2431,10.0871,0.1244,13.7114,43.9723,34.4415,10.7128,32.0428,29.1523,28.1254,21.2243,36.526,35.3979,38.793,14.8032,17.0189,26.3909,47.1876,33.5632,8.8878,23.8908,14.981],"volumeParticipation":true,"latest":{"consensus":69.4,"control":58.8,"force":95.3,"direction":62.9,"confirmation":91.2,"persistence":12.5,"assessmentRisk":15.0,"intensity":78.9,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the upward view","summary":"The completed evidence gives the upward view the clearer support.","take":"Current assessment: upward pressure has the stronger support.","tone":"positive","supportedView":"Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is strengthening","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+69.4","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+58.8","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+95.3","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+62.9","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"91/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"59.1","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"27.5%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"33.3","detail":"Directional","tone":"positive"},{"label":"Range position","value":"71%","detail":"location inside observed range","tone":"neutral"},{"label":"Adaptive set","value":"6 views","detail":"selected for the current tape","tone":"neutral"}],"charts":[{"key":"price","eyebrow":"Price architecture","title":"Trend, acceptance and volatility envelope","description":"Price is shown against fast and slow trend references with its current volatility envelope.","reason":"Selected as the anchor because price is rotating through its trend references.","series":[{"label":"Close","values":[37.22,42.5,43.6,32.65,30.35,30.815,33.4,41.15,28.0,21.7,6.75,6.9,6.7,6.3,7.75,9.0,8.5,6.6,7.0,9.25,11.9,9.75,9.1,9.25,8.4,7.3,6.0,3.0,3.55,3.5,2.7,3.5875,4.1,3.8,4.3,4.1,4.4,4.15,9.202],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,36.5934,35.5428,35.1532,36.2435,34.7447,32.3729,27.7142,23.9298,20.7971,18.1613,16.2683,14.9468,13.7747,12.4702,11.4756,11.0709,11.2217,10.9541,10.617,10.3684,10.0105,9.5177,8.8781,7.8094,7.035,6.3922,5.7209,5.333,5.1088,4.8709,4.7671,4.6458,4.6011,4.5191,5.3705],"stroke":"#176fa3","width":1.7},{"label":"Slow 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}