Crypto Industry News:

Francis Suarez, who has served as Mayor of Miami since 2017, said he intended to receive another payout of full Bitcoin.

In a Twitter post, Suarez said he intends to become the first US lawmaker at state or federal level to accept his Bitcoin salary. Public data shows that the Miami Mayor's salary was $ 97,000 per year in 2016-2017, meaning he was receiving a monthly salary of over $ 8,000 or 0.13 BTC at a price of $ 63,404, assuming residents did not vote to increase his salary for public services. Suarez said he would rather use an app like Bitwage or Strike than let local authorities convert his fiat payout into cryptocurrency.

The declaration came on the morning of the US election. While many federal office posts will not be open until mid-2022, local and state offices, including the Mayor of Miami, will be put to the vote. Suarez is the favorite among six nonpartisan candidates.

Mayor Suarez, who said he owns both Bitcoin and Ethereum, spoke out loud about his intentions to turn Miami into a crypto hub with "the most progressive cryptocurrency laws" in the United States. Many companies and events in the crypto space have been drawn to the region, including the Bitcoin 2021 conference in June.

Technical Market Outlook

The ETH/USD pair has made a new, but marginal ATH at the level of $4,669 after the break out from the channel. The next target for bulls is 100% Fibonacci extension seen at the level of $4,717. The nearest technical support is seen at the level of $4,459 and the key short-term technical support is currently located at the level of $4,146. The larger time frame trend remains up and the outlook for the rest of the trading week is bullish. Please notice, the market conditions are now extremely overbought in the short-term.

Weekly Pivot Points:

WR3 - $5,137

WR2 - $4,787

WR1 - $4,556

Weekly Pivot - $4,216

WS1 - $3,997

WS2 - $3,650

WS3 - $3,426

Trading Outlook:

The next long-term target for ETH is seen at the level of $5,000. Nevertheless, in order to continue the long-term up trend, the price can not close below the technical support at the level of $2,906. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls. The level of $3,677 is the key mid-term technical support for bulls.