Ether is holding $2,400 the day after the jump that followed the US midterm elections. Shortly before 10 a.m. Italian time on Thursday, November 5, 2026, the second-largest cryptocurrency by market capitalization traded at about $2,420 on Coinbase, 4% more than 24 hours earlier.
Read that change carefully. The entire gain came the previous day: on Wednesday, November 4, 2026, Ether closed the session (UTC) up 6.6%, nearly 9% above the $2,223 low hit on election night. Since midnight the price has moved between $2,405 and $2,435, essentially consolidating.
The rebound follows several punishing weeks. Ether had fallen below $2,250 in late October, crushed by ETF outflows and the hacking attack on Binance. Over thirty days the balance is still negative by roughly 10%.
Midterms and Wall Street: the timing of the rally
The jump coincided with the midterm results. The Associated Press has confirmed that Democrats passed the 218 seats needed for a majority in the House. NBC News projections put them ahead in the Senate, with some seats still to be called. The numbers are provisional, as the analysis of why Trump lost the midterms explains.
What mattered more than election night was Wednesday afternoon. Coinbase hourly candles place the bulk of the move between 3 p.m. and 5 p.m. Italian time, straddling the Wall Street open and the recovery in US indexes. Between 4 p.m. and 5 p.m., roughly 42,700 Ether changed hands, the highest hourly volume of the day.
Bitcoin took the same path with less force, up 4% on Wednesday and back above $80,000. Ether amplified the move, as it often does when risk appetite returns.
Crypto reacting to a US vote is nothing new. Since Washington began writing rules for the sector, from ETFs to digital-market legislation, the makeup of Congress has entered investors’ calculations, and a market open 24 hours a day is often the first to price in an election result. The connection remains an interpretation: timing alone does not prove causation.
Short squeeze and the first ETF inflows
Part of the push came from derivatives. In the 24 hours through Wednesday afternoon, CoinGlass counted more than $900 million in liquidations across the entire crypto market, about 60% of them on bearish positions. When short bets are force-closed, those who were short have to buy back, and the price rises further: the classic short squeeze. On Ether, liquidations ran to around $240 million, again mostly shorts.
US-listed spot Ether ETFs also turned positive on November 4, with net inflows of $53 million according to SoSoValue. BlackRock’s fund led with $32.8 million, Fidelity’s with $19.2 million. The plus sign comes after a run of losing sessions, the same stretch described in the analysis of why Ethereum was still falling today. Just the day before, outflows had reached $85 million. One session is not enough to call a reversal, but it was the signal the market had been waiting for.
One stress factor has eased in the background. Binance has been reopening withdrawals in phases since November 1, after the $6.3 billion hack that dragged the whole sector down. That does not explain the rally, but it takes one fear off the table.
The levels to watch
The first technical reference sits just below current prices: the 38.2% Fibonacci retracement at $2,388, calculated on the climb from roughly $1,714 to $2,805 between the summer and September. This morning’s low, $2,405, stopped just above it. The rebound stays intact as long as that level holds.
The real test is higher up. The 50-day moving average now runs near $2,500 and has tracked the price lower since the start of October. A changed trend would require a sustained close above it. Beyond that lies the $2,525 to $2,550 area, a ceiling Ether has run into several times in recent months.
If selling returns, the next support is the election-night low at $2,223. Seeing it again would mean Wednesday’s jump was nothing more than a flash in the pan.
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Editor’s note
This article was originally published in Italian on money.it by Ufficio Studi Money.it on November 05, 2026 as «Ethereum tiene i 2.400 dollari dopo il balzo post-midterm: ora la prova è a quota 2.500». It has been translated and adapted for an international audience by the Money.it International desk.
