The Ethereum course is at risk of decline as a major cryptocurrency player takes profits.
According to a report by the research company Lookonchain, a wealthy investor who bought 12,906 ETH on the Binance exchange a year ago at $1,890 per coin, spending $24.4 million on the purchase, has begun withdrawing part of their assets from the Lido platform. This was likely done to participate in the staking process.
During the rapid decline in Ethereum prices that occurred on April 30, the cryptocurrency player withdrew 7,000 ETH from Lido. Waiting for the cryptocurrency's price to correct after reaching a local minimum, they sold their coins on Binance on May 6 at around $3,100, earning over $16 million in profit.
The cryptocurrency player's expectations proved correct: the bulls failed to overcome this resistance level, and the Ethereum price began to decline again. At the moment, the coin's price is moving within a downward channel, and there are no clear signs of its breakage
