Ethereum (ETH), the world’s largest altcoin, is up by over 3% in the past day, reflecting the current bullish momentum in the cryptocurrency market following the major relief over the US-Iran conflict. Notably, Iran’s Foreign Minister Abbas Araghchi announced that the Strait of Hormuz would be opened to commercial ships for the remainder of the 10-day ceasefire between the warring states. 

This positive development soon triggered a drop in oil prices, improving macroeconomic conditions and driving significant inflows into global financial markets, including risk assets such as Ethereum. According to renowned analyst Ali Martinez, Ethereum has benefited significantly from this shift, successfully flipping a key price resistance level during its market recovery.

Ethereum Moves To Validate Major Ascending Triangle Formation

An ascending triangle is a bullish chart pattern used in technical analysis that signals a potential continuation of an uptrend. Here, price repeatedly makes higher lows while also repeatedly hitting a horizontal resistance without breaking above it. When the price finally breaks above the resistance level, it often leads to a strong upward move.

In an X post on April 17, Ali Martinez explains that Ethereum has broken through the $2,385 critical barrier, which represented the resistance line of a major ascending triangle that has been forming since February. In a previous post on April 14, the seasoned analyst noted that the TD Sequential indicator had issued a sell signal around this level, an event that triggered a price correction when ETH last reached around $2,400, despite positive signs such as the initial reclamation of the 100-day SMA.

Ethereum $ETH opens the path to $2,900!

Ethereum has officially cleared the X-axis of its ascending triangle, breaking through the critical $2,385 resistance level.

This breakout is a significant structural shift. By flipping $2,385 into a support floor, ETH has neutralized the… https://t.co/NLesHeyzQH pic.twitter.com/Pi0H5ypcts

— Ali Charts (@alicharts) April 17, 2026

However, following the recent gain above this resistance zone, Martinez claims the bearish TD Sequential signal has been nullified, with the altcoin now primed to reach higher targets. With $2,385 now a support level, the analyst explains that Ethereum’s major technical target lies at $2,900. However, immediate resistance lies around $2,721, indicating an additional price surge of at least 12% in the short term. However, Martinez warns that this bullish outlook is only valid as long as Ethereum maintains its new support zone. A retracement below $2,385 would rouse market uncertainty and strengthen bearish sentiments.

Ethereum Price Overview 

At the time of writing, Ethereum trades at $2,420, up 3.43% in the last 24 hours. The altcoin is also up by 9.93% on its monthly chart, underscoring its underlying bullish momentum. However, Ethereum remains deep in bearish territory, down 51% from its all-time high of $4,955 in August 2025.

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