Ethereum has been making waves in the crypto market recently, with bulls pushing the price toward the critical $2,000 level. After experiencing a significant upswing, Ethereum [ETH] surged from $1,500 to surpass the highly anticipated $1,800 mark. This rally is being driven by conviction buyers, who have been accumulating Ethereum since late March 2025. As the price continues to climb, key levels and indicators suggest that Ethereum could be on track to hit $2K, provided certain conditions are met.

Conviction buyers have played a pivotal role in the current upward momentum. According to on-chain data from Glassnode, the conviction buyer cohort has seen a major uptick in its Relative Strength Index (RSI), which remains at an impressive 80. This high RSI level indicates strong buying activity and dominance in the market. In contrast, sellers who peaked around mid-April have seen their RSI sharply decline to 50, signaling a retreat from selling pressure. The imbalance in favor of buyers suggests that Ethereum is in a strong bullish phase, with market sentiment leaning towards further price appreciation.

With conviction buyers firmly in control, Ethereum’s market capitalization has expanded by 12%, reaching $219 billion. This surge in market cap has reduced resistance ahead, leaving analysts optimistic about the potential for further gains. According to data from IntoTheBlock, the next significant sell wall is found around the $1,860 level. If Ethereum can break through this resistance zone, it could make a run towards the psychological $2K level, a significant milestone for ETH.

A closer look at Ethereum’s on-chain data reveals strong organic demand building up. One of the key indicators of this demand is the behavior of large holders or whales. Ethereum’s Large Holders Netflow to Exchange Netflow Ratio has decreased to 1.76%. This drop suggests that large holders are sending less ETH to exchanges, signaling accumulation rather than selling. This is a bullish sign, as it reflects confidence in Ethereum’s long-term potential.

Additionally, Ethereum’s spot market has shown signs of accumulation. The ETH Spot Market has seen a significant shift, with negative exchange netflow recorded recently. In the past day, Ethereum’s Netflow dropped to -$44.4 million after six consecutive days of positive netflow. This indicates that investors are more inclined to hold onto their ETH rather than selling, further supporting the notion that a strong accumulation trend is underway.

However, for the bullish momentum to be sustained, Ethereum must hold above $1,800. If ETH successfully flips the $1,895 cost-basis cluster, where 1.64 million ETH is concentrated, the path towards $2K becomes more likely. This price level has become a critical resistance point, and flipping it could trigger a rapid ascent towards the next target. If Ethereum fails to maintain above $1,800, the price could revisit the $1,600 support zone, putting the rally at risk.

In conclusion, Ethereum is on the verge of potentially achieving a significant rally toward the $2,000 level. The dominance of conviction buyers, reduced selling pressure, and growing organic demand are all positive factors supporting Ethereum’s bullish outlook. However, the key to maintaining this momentum is for Ethereum to hold above the $1,800 level and break through the $1,860 resistance. If these conditions are met, ETH could be poised for a strong run towards $2K, further solidifying its position as a leading cryptocurrency in the market.