Ethereum climbed more than 3% in the last 24 hours, riding a broader market upswing after calming geopolitical news out of the Middle East. Iran’s foreign minister, Abbas Araghchi, said the Strait of Hormuz would be reopened to commercial shipping for the remainder of a 10-day ceasefire, a development that tamped down risk premia, pushed oil prices lower and funneled fresh capital back into risk assets — including ETH.
Technical analysts say Ethereum’s price action has been a direct beneficiary of that shift. Veteran analyst Ali Martinez (posting as Ali Charts on X) highlighted on April 17 that ETH had cleared a crucial technical barrier at $2,385 — the horizontal resistance of an ascending triangle that has been forming since February. An ascending triangle is a bullish continuation pattern in which price prints higher lows against a flat resistance line; a breakout above that line often precedes a stronger rally.
Martinez noted that a TD Sequential sell signal had previously kicked in around $2,400 (flagged in his April 14 update), helping to spark a short correction despite some earlier bullish signs such as reclaiming the 100-day SMA. With the recent breakout, he says that bearish TD Sequential pressure has been neutralized and that $2,385 has now flipped to support.
From a price-target perspective, Martinez sees a path toward $2,900 as Ethereum’s next major technical objective, with the nearer-term hurdle at roughly $2,721 — implying at least another ~12% upside from current levels if momentum holds. He cautions, however, that the bullish case is contingent on ETH staying above the $2,385 support; a drop back below that level would likely revive uncertainty and give bears the upper hand.
At the time of writing, Ethereum trades around $2,420, up about 3.43% over 24 hours and nearly 9.93% month-to-date. Despite the recent gains, ETH remains well below its peak, roughly 51% under the all-time high of $4,955 set in August 2025.
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