Technical analysis by SabahEquityResearch about Symbol ETH: Buy recommendation (8/27/2024)

ETH appears to have completed a textbook 5-wave impulse pattern, followed by an ABC corrective wave. This structure suggests the current move is a running flat, which implies prices are likely headed directly towards $3,000 from here.Key points:- ETH has traced out a clear 5-wave impulse pattern, followed by an ABC correction- The corrective pattern is likely a running flat, a bullish continuation pattern- Expect ETH to surge towards $3,000 as the running flat plays out- Use $2,500 as the stop loss for this bullish trade setupOverall, the Elliott Wave structure points to significant upside potential for ETH, with $3,000 as the next major target. Traders can look to enter long positions with a stop loss at $2,500 to capitalize on this bullish forecast. Of course, always conduct your own due diligence and risk management when trading.