Back Over $200 Billion: 3 Reasons Crypto Prices Are Heading Higher

The cryptocurrency market has been making history for all the wrong reasons as of late, most notably by recently surpassing the plunge of the infamous Dot-Com bubble.

Until today, the price of ETH/USD had fallen more than 40 percent since September 5 and 85 percent from its all-time high north of $1,400.

Since the base range of this wedge is over $900, a long-term measured objective for price would be in the $1100 area if price were to break out near $230. Many alternative currencies are built on the ethereum blockchain, so a strong recovery from ETH would likely translate to a recovery for others as well.

The future prospects for cryptocurrencies in general are heavily dependent on bitcoin - the world's largest cryptocurrency by market capitalization.

As can be seen, BTC's recovery from the low of $5,859 in August established the first higher low pattern of the year, the previous low being $5,755 hit in June.

Further, the recent sell-off ended at $6,119, meaning another higher low has been created.

The trendline connecting the higher lows indicates long-term bearish exhaustion.

There is reason to be optimistic as long as prices hold above the trendline.

What bulls need now is for BTC to set a higher high by moving above the July high of $8,507.

By 625 basis points today to save its stumbling currency and the move has pushed equity markets higher across the globe.