It was really a rare moment of menace by Wolves who toiled to break down a well drilled Ipswich.
Having lost their previous two games, the point was a justified reward for Town, who will still have hopes of securing a place in the play-offs.
Having kick-started their promotion push with back to back away wins at Palace and Wednesday, Wolves could have been expected to start the game in confident mood.
But they struggled to get out of first gear in the opening period as a determined Ipswich rearguard stood firm.
Ironically, Ipswich could have taken the lead when only a last-ditch challenge from Jody Craddock denied David Norris in the 19th minute.
That escape did spark Wolves into life, but they were only able to test Ipswich from set-pieces before the interval.
First David Jones saw his 25-yard free-kick tipped over the bar by Richard Wright in the 22nd minute after Tommy Miller had handled the ball.
Then Kyel Reid flashed his 38th minute free-kick just wide after the on-loan West Ham United winger had been upended by a typically sturdy challenge from Ben Thatcher.
Wolves' winger Michael Kightly, who had started the game on the bench due to a slight hamstring strain, was sent on at the start of the second half and made an immediate impact as the game exploded into life in a frantic 60 seconds.
Kightly saw his 58th minute shot cleared off the line by Pim Balkestein with Ebanks-Blake slamming the follow up against the bar.
While Wolves were still reeling from their misfortune, Ipswich surged upfield and Kevin Lisbie will think he should have done better when he capitalised on hesitancy in the Wolves defence, only to be denied by goalkeeper Wayne Hennessey.
Wales international Hennessey had been relatively untested all evening, but he came to Wolves' rescue in the 90th minute when he tipped a close-range shot from Miller over the bar.