Kieffer Moore's early goal was cancelled out by Haji Wright in the second half, Coventry seemingly having the momentum on their side at the CBS Arena.
However, Cameron Burgess's second strike of the campaign immediately put Ipswich back in front, and Kieran McKenna's side were able to see out the remainder of the game to leave the Tractor Boys just a point away from a return to the top flight.
Should Ipswich earn at least a draw against Huddersfield Town on Saturday, they will end a 22-year spell away from the Premier League, but Leeds United are required to defeat Southampton to force Ipswich to avoid losing against the 23rd-placed team in the Championship standings.
Moore gives Ipswich early advantage
Ipswich needed just eight minutes to go in front and it was a terrific goal that put them ahead. Wes Burns was released down the right-hand side of the penalty area and had the nous to find the clever run of Moore, who was waiting by the penalty spot to rifle the ball into the centre of the net.
For Moore, it was a first Championship goal in almost two months, easing the nerves for his side who largely focused on remaining tight after that opener.
Although Coventry were having plenty of possession, their best effort during the first half-hour was Ben Sheaf firing a long-range strike marginally off-target.
Wright will wonder how he did not bring the Sky Blues level soon afterwards. The United States international's close-range shot looked destined for the net until Vaclav Hladky pulled off an outrageous finger-tip intervention.
Coventry remained in the ascendancy, yet Ipswich should have doubled their lead just before the break. Nathan Broadhead was found at the back post with a delicious cross, but the Wales international's header was brilliantly kept out by Brad Collins at his near post.
Ipswich show ambition, rather than defending lead
Soon after the restart, Josh Eccles drilled a shot into the side-netting as Coventry attempted to get back on the front foot, but it was Ipswich who continued to look a threat at the other end.
A poor pass from Coventry goalkeeper Collins went straight to Broadhead, who bided his time and turned down passing to one of several available teammates before curling an effort against the crossbar, the ball rebounding clear.
In the 64th minute, though, the home side were level. After intelligently running off the centre-back, Wright collected the ball and tried his luck from the edge of the area, the forward managing to force the ball underneath the body of Hladky and into the middle of the net.
Coventry almost gifted Ipswich an immediate second, a pass only finding Jeremy Sarmiento on the edge of the area, but Collins saved his side by pushing the well-struck effort away from goal.
Sarmiento then teed up George Hirst, who was denied by the advancing Collins, as the Tractor Boys wrestled back the momentum to eventually retake the lead, Burgess forcing the ball home at the near post after a brief scramble for possession.
Throughout the final quarter, the clear-cut chances dried up somewhat, that suiting Ipswich as they bid to put themselves on the brink of achieving a long-awaited return to the top flight.
An injury to the referee earlier in the second half meant that 11 minutes needed to be added, Coventry almost levelling matters deep into that period as 17-year-old Aidan Dansch curled a shot narrowly wide of the far post.
Although the game was further extended past 101 minutes, the referee eventually signalled for full time, sparking delirium in the away end as they sensed that Premier League football could soon be returning to Portman Road.