Ethereum (ETH), the world’s largest altcoin, rose more than 3% over the past day, reflecting the current bullish momentum in the cryptocurrency market following significant relief from the US-Iran conflict. Notably, Iranian 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 caused oil prices to decline, improve macroeconomic conditions and fuel significant inflows into global financial markets, including risky assets such as Ethereum. According to renowned analyst Ali Martinez, Ethereum has benefited significantly from this change, successfully breaking a key price resistance level during the market recovery.

Ethereum proceeds to validate the main ascending triangle formation

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

In Post X On April 17, Ali Martinez explains that Ethereum broke the critical barrier of $2,385, which was the resistance line of the main ascending triangle that had been forming since February. In a previous post on April 14, the seasoned analyst noted that the TD Sequential indicator sent a sell signal around this level, prompting a price correction with ETH recently trading around $2,400 despite positive signals such as the initial recovery of the 100-day SMA.

Ether $ETH opens the way to $2,900!

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

This breakout represents a significant structural change. Throwing $2,385 at the support level, ETH neutralized… https://t.co/NLesHeyzQH pic.twitter.com/Pi0H5ypcts

— Ali Charts (@alicharts) April 17, 2026

However, following the recent rally above this resistance zone, Martinez claims that TD Sequential’s bearish signal has been invalidated and the altcoin is now poised to pursue higher targets. The analyst explains that the support level is currently at $2,385 and Ethereum’s main technical target is $2,900. However, immediate resistance is around $2,721, which indicates additional price upside of at least 12% in the brief term. Martinez cautions, however, that this bullish outlook is only valid as long as Ethereum maintains the novel support zone. A pullback below $2,385 would create uncertainty in the market and strengthen bearish sentiment.

Etherum Price Overview

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