Ethereum price analysis: ETH/USD slips below $700 amid latest selloff triggered by Microsoft Search Engine, Bing banning cryptocurrency ads

The cryptocurrency market is trading in the red on Wednesday with most of the coins and the altcoins trimming the gains and breaking past key support areas. Ethereum price has not been spared, it is down 5.61% on the day while it is currently trading at $688. The major support at $680 has been strong enough to hold the price prevent further declines.

The digital assets are probably reacting to the announcement by Bing, Microsoft’s search engine. Bing is joining the other internet gurus like Facebook in banning cryptocurrency related ads by July 2018. The announcement was made via an official blog post saying “advertising for cryptocurrency” and “cryptocurrency related products” pose risks for Bing users due to the unregulated nature of digital assets. Bing blog post continued:

“Because cryptocurrency and related products are not regulated, we have found them to present a possible elevated risk to our users with the potential for bad actors to participate in predatory behaviors, or otherwise scam consumers.”

Ethereum price is currently attempting to retrace to the pivotal $700 but it is facing immediate resistance from the 38.2% Fib retracement level with the last swing high of $766 and a low of $644. ETH/USD is exchanging below the moving averages on the 1-hour chart, besides the momentum indicators show that the buyers are regaining control in the near-term. The RSI on the same chart is at the 37 mark. Ethereum price has been supported above $680, however, if the declines exceed beyond this level, $640 will offer major support.

ETH/USD 1-hour chart