Ethereum (ETH), the world’s largest altcoin, has risen more than 3% in the past day, reflecting the current bullish momentum in the cryptocurrency market after the major relief over 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 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 has benefited significantly from this shift, successfully reversing a key price resistance level during the market recovery.
Ethereum to Validate Major Ascending Triangle Formation
An ascending triangle is a bullish chart pattern used in technical analysis that indicates a possible continuation of an uptrend. Here, price repeatedly makes higher lows, while also repeatedly hitting horizontal resistance without breaking above. When the price finally breaks above the resistance level, it often leads to a strong upward move.
In one X message on April 17, Ali Martinez explains that Ethereum has broken the critical barrier at $2,385, which represented the resistance line of a major ascending triangle that has been forming since February. In an earlier post on April 14, the veteran 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 signals such as the initial retracement of the 100-day SMA.
Ethereum $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 outbreak is a major structural shift. By turning $2,385 into a support floor, ETH has… https://t.co/NLesHeyzQH pic.twitter.com/Pi0H5ypcts
— Ali Charts (@alicharts) April 17, 2026
However, following the recent gains above this resistance zone, Martinez claims that the bearish TD Sequential signal has been negated, meaning the altcoin is now poised to reach higher targets. With $2,385 a support level, the analyst explains that Ethereum’s main technical target is at $2,900. However, immediate resistance is around $2,721, indicating an additional price increase 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 create market uncertainty and reinforce bearish sentiment.
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, underscoring the underlying bullish momentum. However, Ethereum remains deep in bearish territory, down 51% from its all-time high of $4,955 in August 2025.