Ethereum Surges 4% Above $2,400 After US Midterms
2 min read
Ethereum (ETH) climbed approximately 4% to $2,415 on Thursday, November 5, 2026, breaking above $2,400 as US midterm election results fuelled a cryptocurrency market rally following Democratic gains in Congress.
According to Invezz, total cryptocurrency market capitalisation rose approximately 3%. CoinGlass recorded $195.4 million in Ethereum liquidations over 24 hours, including $112.70 million in short positions.
Key Takeaways
- Democrats secured control of both congressional chambers, according to the election results described in the reporting.
- President Donald Trump said he was “absolutely willing” to cooperate with Democratic lawmakers.
- Short-position closures added buying pressure during Ethereum’s recovery.
- The 14-day Relative Strength Index reached 57, indicating constructive momentum.
Ethereum Breaks Key Technical Resistance
Ethereum broke above a descending resistance trendline extending from October 2, according to Invezz’s technical analysis.
The cryptocurrency also moved above its 50-day exponential moving average at $2,411. A move below that level would bring the 20-day EMA at $2,359 and horizontal support at $2,355 into focus, while $2,548 remains the next upside target.
Election Results Reshape Crypto Policy
Vice President JD Vance attributed Republican electoral setbacks partly to dissatisfaction over inflation and the Iran war.
The cryptocurrency industry’s political spending also faced setbacks. According to the Reuters reporting identified in the research, industry-backed political committees deployed $176 million across more than 100 races, including efforts supporting cryptocurrency-friendly candidates.
The CLARITY Act, which passed the House in July 2025, faces a January 3, 2027 deadline if the Senate does not approve it before the current Congress ends.
The legislation seeks to clarify regulatory responsibilities for digital assets. Its uncertain future highlights the distinction between Ethereum’s immediate market recovery and the industry’s longer-term legislative challenges.
Live Ethereum chart
Data: CoinGecko. Prices in USD.
