Ethereum (ETH), the world’s largest altcoin, rose more than 3% over the past day, reflecting the ongoing bullish momentum in the cryptocurrency market following major relief from the US-Iran conflict. Iranian Foreign Minister Abbas Araghchi notably announced that the Strait of Hormuz would be open to commercial ships for the remainder of the 10-day ceasefire between the warring states.
This positive development quickly triggered a decline in oil prices, improving macroeconomic conditions and generating significant inflows into global financial markets, including risk assets such as Ethereum. According to renowned analyst Ali Martinez, Ethereum benefited significantly from this change, successfully overturning a key price resistance level during the market rally.
Ethereum prepares to validate the major formation of an ascending triangle
An ascending triangle is a bullish chart pattern used in technical analysis that signals the potential continuation of an uptrend. Here, price repeatedly makes higher lows while repeatedly reaching horizontal resistance without breaking through it. When price finally breaks above the resistance level, it often leads to a strong upward move.
In an April 17 X post, Ali Martinez explains that Ethereum broke the critical $2,385 barrier, which represented the resistance line of a major ascending triangle that has been forming since February. In a previous article on April 14, the veteran analyst noted that the TD Sequential indicator 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 recovery of the 100-day SMA.
Ethereum $ETH leads the way to $2,900!
Ethereum has officially cleared the X-axis of its ascending triangle, breaking through the critical resistance level of $2,385.
This break constitutes an important structural change. Placing $2.385 into a support floor, ETH neutralized the… pic.twitter.com/Pi0H5ypcts
– Ali Charts (@alicharts) April 17, 2026
However, following the recent gain above this resistance zone, Martinez claims that the TD Sequential bearish signal has been negated, with the altcoin now poised for higher targets. With $2,385 now as a support level, the analyst explains that Ethereum’s major technical objective lies at $2,900. However, immediate resistance lies around $2,721, which indicates further price upside of at least 12% in the near term. However, Martinez cautions that this bullish outlook is only valid as long as Ethereum maintains its new support zone. A retracement below $2,385 would spark market uncertainty and strengthen bearish sentiments.
Ethereum Price Overview
At the time of writing, Ethereum is trading at $2,420, up 3.43% in the last 24 hours. The altcoin is also up 9.93% on its monthly chart, highlighting its underlying bullish momentum. However, Ethereum remains deep in bearish territory, down 51% from its all-time high of $4,955 in August 2025.
