$2,400 reclaimed: Ethereum Price Forecast as ETH recovers after US midterms

$2,430: Ethereum Price Today

• Ethereum gains 6% on Wednesday. It retakes $2,400 as futures liquidations exceed $240 million.
• Democratic victories in both the House and Senate in the US midterm elections precede the advance.
• Holding above the 50-day EMA could put ETH on course to test resistance at $2,548.

Ethereum (ETH) gains 6% on Wednesday. Trading above $2,400, it joins a risk-asset rally following the Democrats' decisive US midterm election victory and President Donald Trump's response to the results.

Control of Congress went to the Democrats in Tuesday's midterm elections, with wins in both the House of Representatives and Senate. The party also won gubernatorial contests in states including Texas and Nevada.

According to The New York Times, President Trump confirmed he was "absolutely willing" to work with Democrats.

The Iran war was responsible for the outcome, Vice President JD Vance said. He noted that many voters identified ending the war and focusing on inflation as key reasons for backing Democrats.

"The reason we lost is the war. The president himself said so last night," wrote Vance in an X post on Wednesday. "If you'd like to argue it was worth it, that losing the Senate for the next 6 years was worth it, then do so. Argue it was a worthwhile cost to pay. Agree or disagree, that's at least honest."

$2,400 Reclaimed as Ethereum Joins Risk-Asset Rally

A post-election break above $2,400 took Ethereum to that level for the first time since 23 October. The advance triggered $241.29 million in liquidations over the past 24 hours, with short liquidations accounting for $133.75 million, according to Coinglass data. ETH also regained its realised price, the average on-chain cost basis. Historically, this key level has acted as support or resistance, depending on the market trend.

Across the wider crypto market, total capitalisation rose 3%. Futures liquidations approached $1 billion over the past 24 hours.

The risk-asset advance extended to equities. At the time of writing, the S&P 500 was up 1.88%, while the technology-heavy Nasdaq had gained 2.17%.

$2,548 Resistance in Focus: Ethereum Technical Outlook Hinges on 50-Day EMA

At the time of writing, ETH changes hands at $2,430, having cleared resistance at $2,355 and all key short- and long-term Exponential Moving Averages (EMAs). Momentum remains supportive, though stretched. The 14-day Relative Strength Index (RSI) is around 55, while the Stochastic Oscillator (Stoch) is entering overbought territory near 85. These readings suggest gains may decelerate rather than reverse immediately.

Having broken above a descending trendline running from 2 October, the leading altcoin could challenge resistance at $2,548. That depends on holding above the confluence of the 50-day EMA at $2,411 and horizontal support at $2,411. Beyond that, resistance lies at $2,636 and $2,781.

Initial downside support lies in a structural zone between the 20-day EMA at $2,359 and the horizontal level at $2,355. Next is the 100-day EMA at $2,346. A deeper retreat would shift attention to the 200-day EMA at $2,323, ahead of stronger medium-term support near $2,250 and $2,204.

(The technical analysis of this story was written with the help of an AI tool. Know more.)