Ethereum (ETH), the world\u2019s 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\u2019s 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.\u00a0<\/p>\n
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.\n<\/p>\n
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.<\/p>\n
In an X post<\/a> 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.<\/p>\n Ethereum $ETH<\/a> opens the path to $2,900!<\/p>\n Ethereum has officially cleared the X-axis of its ascending triangle, breaking through the critical $2,385 resistance level.<\/p>\n This breakout is a significant structural shift. By flipping $2,385 into a support floor, ETH has neutralized the\u2026 https:\/\/t.co\/NLesHeyzQH<\/a> pic.twitter.com\/Pi0H5ypcts<\/a><\/p>\n\n