Several coins are doing this right now (just posted the some on xrp). Upward channels might be forming. I see a lot of people being impatient about the recovery of coins, getting anxious over this weeks pullback, but let's not forget the rise in value we have seen since last October. It would only be healthy to have a bit of a consolidation period now before things go crazy like that again. And the upward channels forming are pretty steep still!
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downtrend might be pushing ETH out of the up channel
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phew!
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Channel no longer valid. 720,- is acting as a strong resistance, but it's forming an ascending triangle under it, usually a bullish sign. If the price breaks above it it might provide strong support as well.