Boss Joe Royle felt the Blues deserved at least a point from their trip to Hull City's KC Stadium. Second half goals from Nick Barmby and Craig Fagan gave the home side a 2-0 win.
Royle was unhappy that referee Clive Oliver hadn't given Town a freekick in the move leading to the first Hull goal: "The game hinged on a lack of a decision from the referee.
"Ian Westlake was having his shirt pulled on the touchline and he didn't give it and they went up the other end and scored. The linesman knew it was a foul but they don't make decisions, they just carry a flag.
"I couldn't be happier with the performance and I'd have been just as frustrated with one point.
"We were chasing the game in the second half, and we were somewhat exposed, but the likes of Gavin Williams and big Jim Magilton ran the game - we just lacked a cutting edge. Two-nil was no reflection of the game for me and it's a cruel result."
Hull manager Peter Taylor was impressed with what he thought was one of his side's best displays of the season: "I thought we were great and I was very pleased with our performance. We passed the ball well and were very crisp in doing so.
"We also defended really well and worked very hard because we know Ipswich can pass the ball around well. The boys should be very pleased with the way they played.
"It was as good a performance for 90 minutes as we have played for a long, long time. After coming away from a draw at Crewe on Boxing Day, we needed character and determination and we had that.
"It's a tough league and that is now the standard we must set ourselves all the time now."