Steve Bruce saw his promotion-chasing Hull City return from Suffolk having taken a step closer to the Premier League.
Substitute Robert Koren netted their winner seven minutes from time after Anthony Wordsworth had cancelled out Robbie Brady’s penalty.
“We’ve given ourselves a wonderful opportunity but you only have to look at the division’s results today to realise how crazy it is,” said Bruce.
“We’re in a fantastic position but that’s all it is and we’ve got another tough game on Tuesday [at Wolves].
“Wolves had a horrible result today and they’ll be bang under pressure.
“We’ve seen before how teams at the bottom have beaten the teams at the top, because the division is so even, but it’s a good position to be in.
“We can’t get carried away, though.
“We’re within touching distance but we’re still got a job to do. We haven’t got there yet and we’ve got to see it through.”
Hull deserved their interval lead, given to them just before the half-hour mark by Brady.
The Tigers were rightly awarded a penalty after a clumsy challenge by Guirane N’Daw on David Meyler.
Brady coolly slotted home from the spot, drilling a low effort past Scott Loach.
Ipswich made a much brighter start to the second half and equalised when Luke Chambers’ deep cross was headed home by substitute Wordsworth.
But the Tigers snatched their winner when Brady’s corner was not properly cleared by Wordsworth. Brady had another opportunity to cross and substitute Koren nodded home from close range.