Ethereum Reclaims $2,400 as Crypto Rallies
Ether broke above $2,400 for the first time since October 23 after risk assets rose following the US midterm election results.
Updated on Nov. 4, 2026 in Economic Indicators
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Ethereum rose 6% and reclaimed $2,400 on Wednesday, sparking $241.29 million in liquidations. The total crypto market cap jumped 3% as risk assets rallied.
Why it matters
The rally followed Democrats' dominant victory in the US midterm elections and President Donald Trump's reaction to the results. Ethereum also recaptured its realized price, its average on-chain cost basis.
Ethereum gained 6% and traded at $2,430 at time of writing, while the S&P 500 rose 1.88% and the Nasdaq rose 2.17%. Futures liquidations over the past 24 hours neared $1 billion, and it is not yet clear whether the rally will be sustained above the $2,548 resistance level.
The players
Donald Trump
The current President of the United States, whose reaction to the midterm results was cited as a factor in the market rally.
The details
Ethereum rose after risk assets rallied following the midterm election results, and ETH broke above a descending trendline extending from October 2. Democrats swept both the House of Representatives and the Senate and won gubernatorial races in Texas and Nevada.
Timeline
October 23: Ethereum last traded above $2,400 before this rally.
Tuesday: US midterm elections were held.
Wednesday: Ethereum rose 6% and reclaimed $2,400.
Macro View
Ethereum's recovery back above its realized price places the rally against the cost basis that defines where holders as a group are in profit. The move also tracks a broader pattern of crypto prices responding to US equity gains after the midterm results.
Readers holding ETH or crypto-linked assets may see portfolio values shift sharply, as the $2,400 level and the $2,548 resistance define where recent price moves could continue or reverse. Traders should note that roughly $1 billion in futures liquidations shows how quickly leveraged positions can unwind.
The takeaway
Sharp moves in crypto prices often follow shifts in broader risk sentiment, so watching equity markets and key price levels like the realized price can help readers gauge where Ethereum may head next.
Further reading
Explore more on Economic Indicators to see how market moves like this one connect to broader data.
Source note: This article includes information reported by FXStreet.
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