{"schema_version":"1.0","name":"ETH3S Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"1e9e3cf0-7942-42a6-bcb4-ba0876a7f86f","symbol":"ETH3S","name":"Leverage Shares -3x Short Ethereum ETP","exchange":"EBS","country":"CH","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics eased this week but remains positive. The broader path has not changed enough to establish a new direction. Price structure remains downward.","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, Activity pressure and cumulative balance, Drawdown and recovery pressure, Range position and boundary pressure, Range pressure and compression, Acceleration, deceleration and rollover."},{"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":"Aligned downward","stateTone":"negative","summary":"Market Dynamics eased this week but remains positive. The broader path has not changed enough to establish a new direction. Price structure remains downward.","evidenceAlignment":{"status":"Countertrend conflict","headline":"Improving Market Dynamics is challenging the downward price structure","summary":"Market Dynamics eased this week but remains positive. The broader path has not changed enough to establish a new direction. Price structure remains downward.","take":"This is an early challenge rather than a confirmed reversal. Price must respond to the improvement before the downward technical state can be considered resolved.","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":[0.235642,0.350018,0.4956,0.413951,0.329639,0.229307,0.262974,0.316616,0.329655,0.339844,0.245006],"opens":[33.75,27.950001,36.599998,26.4,23.65,21.9,20.85,17.5,20.0,18.4,19.1],"highs":[34.450001,27.950001,38.0,26.4,24.25,21.9,21.145,20.0,21.200001,20.35,19.35],"lows":[33.549999,27.950001,35.700001,26.4,23.6,21.85,18.15,17.5,18.15,18.4,9.25],"closes":[34.049999,27.950001,35.700001,26.4,24.200001,21.85,20.700001,20.0,18.6,20.299999,10.2],"hoverRows":[[{"label":"Open","value":"33.8","className":"is-ohlc","compact":true},{"label":"High","value":"34.5","className":"is-ohlc","compact":true},{"label":"Low","value":"33.5","className":"is-ohlc","compact":true},{"label":"Close","value":"34.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.24","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"28.0","className":"is-ohlc","compact":true},{"label":"High","value":"28.0","className":"is-ohlc","compact":true},{"label":"Low","value":"28.0","className":"is-ohlc","compact":true},{"label":"Close","value":"28.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.35","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"36.6","className":"is-ohlc","compact":true},{"label":"High","value":"38.0","className":"is-ohlc","compact":true},{"label":"Low","value":"35.7","className":"is-ohlc","compact":true},{"label":"Close","value":"35.7","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.50","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"26.4","className":"is-ohlc","compact":true},{"label":"High","value":"26.4","className":"is-ohlc","compact":true},{"label":"Low","value":"26.4","className":"is-ohlc","compact":true},{"label":"Close","value":"26.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.41","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"23.6","className":"is-ohlc","compact":true},{"label":"High","value":"24.2","className":"is-ohlc","compact":true},{"label":"Low","value":"23.6","className":"is-ohlc","compact":true},{"label":"Close","value":"24.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.33","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"21.9","className":"is-ohlc","compact":true},{"label":"High","value":"21.9","className":"is-ohlc","compact":true},{"label":"Low","value":"21.9","className":"is-ohlc","compact":true},{"label":"Close","value":"21.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.23","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"20.9","className":"is-ohlc","compact":true},{"label":"High","value":"21.1","className":"is-ohlc","compact":true},{"label":"Low","value":"18.1","className":"is-ohlc","compact":true},{"label":"Close","value":"20.7","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.26","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"17.5","className":"is-ohlc","compact":true},{"label":"High","value":"20.0","className":"is-ohlc","compact":true},{"label":"Low","value":"17.5","className":"is-ohlc","compact":true},{"label":"Close","value":"20.0","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":"20.0","className":"is-ohlc","compact":true},{"label":"High","value":"21.2","className":"is-ohlc","compact":true},{"label":"Low","value":"18.1","className":"is-ohlc","compact":true},{"label":"Close","value":"18.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.33","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"18.4","className":"is-ohlc","compact":true},{"label":"High","value":"20.4","className":"is-ohlc","compact":true},{"label":"Low","value":"18.4","className":"is-ohlc","compact":true},{"label":"Close","value":"20.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.34","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"19.1","className":"is-ohlc","compact":true},{"label":"High","value":"19.4","className":"is-ohlc","compact":true},{"label":"Low","value":"9.25","className":"is-ohlc","compact":true},{"label":"Close","value":"10.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.25","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[8.67,37.230001],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":0.245006,"state":"Positive and broadly steady","context":{"scenario":"positiveSteady","latestDirection":"easing","fourWeekDirection":"steady","now":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"fourWeek":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"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":"Accumulation pressure","detail":"Price is within accumulation conditions, but the completed tape has not yet confirmed a recovery. The zone is a watch area rather than a directional signal.","tone":"negative"},"chartSummary":"Price is in the accumulation zone. The Market Dynamics bars show whether underlying conditions are repairing or continuing to weaken.","summary":"Price is within accumulation conditions, but the completed tape has not yet confirmed a recovery. The zone is a watch area rather than a directional signal.","annotations":[{"label":"Current tape relationship","value":"Accumulation pressure","detail":"Market Dynamics eased this week but remains positive.","tone":"negative"},{"label":"Price location","value":"Accumulation zone","detail":"Price is being tested for a confirmed recovery through the lower zone.","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":"The broader path has not changed enough to establish a new direction.","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":[30.5,21.2,19.25,19.4,19.65,19.05,16.2,13.3,17.1,20.5,43.0,33.0,38.5,35.85,25.2,23.445,22.35,26.65,23.35,17.3,13.2,15.304,16.5,15.6,16.85,19.15,21.75,40.3,34.05,27.95,35.7,26.4,24.2,21.85,20.7,20.0,18.6,20.3,10.2],"consensus":[-29.5217,-55.2587,61.7978,-60.3774,-49.4786,-52.7269,-32.772,-71.2062,0.0,32.0639,77.9551,0.0,69.5668,15.6287,-58.5169,-42.0964,-17.6776,20.482,-31.4042,-62.7414,-67.1664,-17.8551,0.0,-15.0576,12.2943,17.8076,29.7814,79.236,21.4166,9.1695,37.0779,-22.8512,-10.824,-38.326,-24.6415,-14.4694,-43.4443,8.131,-74.2654],"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,-57.1188,-22.0434,-63.8798,0.0,28.5826,61.8693,0.0,71.2283,0.433,-47.1927,-38.1292,-0.9029,28.7489,-25.1697,-62.5589,-66.1113,-14.3298,0.0,-3.6249,11.2424,8.2344,22.3488,83.8606,16.8989,2.522,25.3398,-20.2427,-1.2964,-47.9238,-11.2981,-0.8355,-42.6454,13.3681,-73.0303],"force":[-29.5217,-55.2587,61.7978,-60.3774,-11.1284,-40.7466,-5.8097,-78.3063,0.0,80.2862,96.5348,0.0,59.7649,28.0527,-96.0889,-40.0742,-11.1653,63.2481,-55.0278,-84.0394,-83.3715,-26.13,0.0,-4.3216,46.8592,52.0081,49.4917,91.033,25.4509,13.6954,25.3185,-37.8978,-9.8844,-30.8271,-22.7992,-3.9746,-45.815,45.7719,-94.8903],"direction":[null,null,null,null,-92.7694,-56.2651,-64.2921,-74.5077,0.0,1.598,83.0678,0.0,74.6694,64.1964,-44.6217,-48.0747,-41.5002,19.5132,-21.6552,-47.737,-56.7971,-53.302,0.0,-35.792,11.1927,4.3196,24.197,65.5244,60.0566,38.8633,58.8924,-15.0847,-25.3471,-32.7135,-41.2072,-39.457,-42.6641,24.7407,-60.945],"intensity":[null,null,null,null,50.0,20.0,66.6667,28.5714,50.0,33.3333,100.0,90.9091,66.6667,69.2308,78.5714,66.6667,56.25,41.1765,16.6667,63.1579,40.0,9.5238,9.0909,13.0435,8.3333,52.0,38.4615,96.2963,75.0,75.8621,80.0,90.3226,18.75,15.1515,35.2941,5.7143,8.3333,16.2162,81.5789],"confirmation":[32.1136,40.3495,42.4419,41.9874,16.6237,84.4406,55.1622,91.114,36.6304,57.1165,93.757,39.0798,89.9373,9.8861,88.043,81.4697,51.0473,34.5611,78.8643,88.7291,90.0032,32.6679,8.2939,27.3321,30.0581,52.2199,78.244,93.6446,33.59,5.8753,79.6854,75.8107,49.2296,79.8895,76.0325,27.3885,81.9866,31.6139,44.64],"persistence":[null,null,33.3333,50.0,60.0,66.6667,71.4286,75.0,62.5,37.5,37.5,25.0,0.0,25.0,25.0,25.0,12.5,12.5,12.5,25.0,50.0,75.0,62.5,62.5,37.5,37.5,12.5,12.5,37.5,62.5,75.0,75.0,50.0,25.0,0.0,25.0,50.0,50.0,75.0],"assessmentRisk":[null,null,null,null,24.877,0.4367,20.1026,12.6043,32.7533,2.6899,10.9096,49.5792,14.7498,40.3462,19.6761,20.8868,39.5445,51.28,4.3395,0.531,6.7688,35.2876,30.8441,9.8203,29.0617,29.1791,28.455,10.3627,38.9475,39.574,30.0627,36.7082,39.3094,16.751,36.5189,29.7076,12.2603,15.3239,7.6007],"volumeParticipation":true,"latest":{"consensus":-74.3,"control":-73.0,"force":-94.9,"direction":-60.9,"confirmation":44.6,"persistence":75.0,"assessmentRisk":7.6,"intensity":81.6,"evidenceDepth":100},"analysis":{"status":"Price structure has stronger support","headline":"The gauges support the price-technical view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the downward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Established","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-74.3","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-73.0","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-94.9","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-60.9","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"45/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"34.0","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"55.9%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"13.1","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"3%","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 and its trend references are aligned downward.","series":[{"label":"Close","values":[30.5,21.2,19.25,19.4,19.65,19.05,16.2,13.3,17.1,20.5,43.0,33.0,38.5,35.85,25.2,23.445,22.35,26.65,23.35,17.3,13.2,15.304,16.5,15.6,16.85,19.15,21.75,40.3,34.05,27.95,35.7,26.4,24.2,21.85,20.7,20.0,18.6,20.3,10.2],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,24.5806,23.5751,22.2341,20.6098,19.9716,20.0677,24.2372,25.8304,28.134,29.5369,28.7484,27.7841,26.7961,26.7695,26.1478,24.5391,22.4775,21.1732,20.3235,19.4647,18.9893,19.0185,19.5152,23.2942,25.2498,25.7408,27.5515,27.3422,26.7709,25.8762,24.935,24.0378,23.0491,22.5492,20.3039],"stroke":"#176fa3","width":1.7},{"label":"Slow 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envelope","values":[null,null,null,null,null,null,null,null,null,11.1263,6.0474,6.4158,6.1411,6.5666,7.2117,7.6739,8.0072,8.5612,8.9101,8.6144,7.3219,6.6657,6.3569,5.9237,5.6368,5.646,6.1726,6.5102,7.1853,7.6457,8.4732,8.5259,9.0821,9.3773,9.1335,8.8964,8.582,8.342,6.7205],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"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"]},{"key":"participation","eyebrow":"Participation","title":"Activity pressure and cumulative balance","description":"Observed activity is compared with its normal backdrop while cumulative balance tracks directional participation.","reason":"Selected because participation is confirming or diverging from the latest price path.","series":[{"label":"Activity versus norm","values":[null,null,null,null,null,null,null,9.1151,8.1295,12.6347,787.6214,61.2858,2.5984,5.5744,9.3481,4.5768,181.8006,11.3445,47.0377,40.4818,151.0864,197.9936,40.8252,101.5486,92.8408,187.9036,66.5811,254.9207,38.5484,0.0,20.597,14.5085,18.8968,1.4439,325.2774,397.73,250.6341,176.6755,398.9704],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,65.0,65.3239,65.7829,135.0,130.8,130.9647,130.6353,130.1165,129.8776,119.88,120.4729,118.0847,116.0918,108.0459,119.7482,122.0788,115.9765,121.8235,134.8847,135.0,135.0,133.257,133.257,133.8446,133.4462,132.9233,132.8835,122.2261,105.996,95.1693,103.506,80.3486],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical 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