Crypto · Market move

Ether jumps about 6–7% back above $2,400 as risk assets rebound after Democrats take Congress

By VoxTradePro Desk · Published 5 Nov 2026, 08:05 UTC+8 · 3 min read

ETH reclaimed $2,400 after the US midterms as shorts were squeezed and risk appetite returned. We cover the move, flows and what to watch.

Ethereum led the major-coin rebound after US midterm results cleared overnight. On Wednesday 4 November, FXStreet put ETH up about 6% and trading above $2,400—the first break of that level since 23 October. Decrypt separately said ether spiked 7% to $2,434. Our CoinGecko-based feed showed about $2,427.63 early Thursday 5 November Macau time, up roughly 7.1% over 24 hours, with a session low near $2,226.51.

Bitcoin moved with the same risk tape. CoinDesk flagged an early dip toward about $75,600, then a recovery; Decrypt said BTC briefly made a six-week low before bouncing back above $80,000. Chosun Biz, citing CoinMarketCap early on 5 November, put bitcoin near $80,399 (+3.26%) and ether near $2,423 (+5.86%). Our feed showed bitcoin around $80,662. Live prices stay on the Ethereum and Bitcoin pages.

What flipped the tape

Democrats won both chambers of Congress in the 3 November midterms. Crypto initially sold as traders weighed a harder path for federal market-structure rules—the Clarity Act had already failed a key Senate procedural vote 49–50 in September, Decrypt reported. That political overhang did not stop a V-shaped price recovery once US equity futures turned higher and the dollar softened.

FXStreet linked the ETH break of $2,400 to about $241.29 million in ether futures liquidations over 24 hours, including roughly $133.75 million in short liquidations (Coinglass). Across the market, liquidations neared $1 billion in that FXStreet snapshot, while CoinDesk’s earlier derivatives wrap put market-wide liquidations up 22% to about $469 million. Short covering can amplify a bounce even when spot demand is still rebuilding.

CoinDesk also noted ETH open interest rose 4.2% against a then 2.7% price gain—faster OI growth than bitcoin’s 1.6%—suggesting more fresh futures money into ether than into BTC in that window. Funding stayed mildly positive (longs paying shorts). That is positioning detail, not a verdict on the next trend.

DeFi strength, cautious sentiment

The bounce was broader than the two large coins. CoinDesk’s DeFi Select Index rose about 5%, with tokens such as Injective among the leaders, while its CoinDesk 80 Index advanced about 2.3% in the early wrap. Trump-linked tokens lagged as Democratic wins became clear. Sentiment gauges stayed cautious: CoinDesk cited a CoinMarketCap fear-and-greed reading of 37 (fear) and an altcoin-season index of 51.

Decrypt framed the rebound as closer to a technical bounce than a FOMO-driven trend change, noting that US stock futures recovered in parallel. FXStreet put the S&P 500 and Nasdaq up about 1.88% and 2.17% at the time of its note. Equity risk-on and a softer dollar often travel with crypto; they do not guarantee follow-through once the event pass fades.

Policy path versus price path

A Democratic Congress may slow crypto-friendly rulemaking, but day-to-day prices still lean more on liquidity, rates and investment flows, analysts told Decrypt. The industry has spent heavily on US races across two cycles—Decrypt put cumulative support above $300 million—yet October already saw pressure from higher borrowing costs and AI-trade nerves. Spot bitcoin ETF flows have been soft in recent sessions; that is a separate story from Wednesday’s price squeeze.

Ether’s share of total crypto market value remains well below bitcoin’s. Our feed’s global snapshot put bitcoin dominance near 59.6% and ether near 10.9%—useful context alongside bitcoin dominance explained.

What to watch

$2,400 and nearby averages: FXStreet flagged the 50-day EMA area near $2,411 as a hold level, with resistance toward $2,548 if momentum continues, and support toward the mid-$2,350s.
US jobs report, Friday 6 November (08:30 ET / 21:30 Macau): the main near-term macro print for risk assets; see the economic calendar.
Futures open interest and funding: whether ETH OI keeps rising with price or the bounce fades as shorts are already cleared.
Regulatory headlines: any Clarity Act or related market-structure talk under the new Congress.

Large liquidation days can move ether several percent in either direction. For market structure and custody basics, see crypto market basics and Is crypto safe on an exchange?. Size any practice or live risk with risk management basics, the position size calculator and the crypto converter.

Sources

Not financial advice. This article is for general information and education only. It is not a recommendation to buy, sell or hold any asset. Prices move quickly and figures quoted may already be out of date; markets involve risk, including the loss of capital. See our disclaimer.

Related markets: Ethereum Bitcoin