Ethereum is trading at a weak point after losing its rising channel and falling to fresh relative lows against QQQ. $ETH needs to reclaim the $2,111 area to revive the recovery setup, while failure to do so keeps the breakdown active.
Ethereum Ratio Hits 2021 Low as $ETH Lags QQQ
Ethereum has fallen to fresh relative lows against QQQ, according to a chart shared by Heisenberg on X.
The chart tracks the ETHUSD to QQQ ratio, showing how Ethereum has performed against the Invesco QQQ Trust. The ratio has now reached levels not seen since January 2021.
Ethereum Relative to QQQ Chart. Source: Heisenberg on X
The chart shows $ETH strongly outperforming QQQ during the 2021 cycle, when the ratio surged above the 13 area. However, Ethereum has lost relative strength since then.
After the 2021 peak, the ratio formed several lower highs. It rebounded in 2022, 2024, and 2025, but each move failed below earlier cycle highs.
The latest move shows the ratio falling toward 2.66, near the chart’s long term lower area. The orange note on the chart marks this as fresh lows not seen since January 2021.
Heisenberg’s post suggests $ETH may be reaching an area where relative value becomes harder to ignore. However, the chart does not yet show confirmation of a rebound.
For now, Ethereum is still underperforming QQQ on this ratio chart. A recovery would need the ETHUSD to QQQ ratio to move away from the current low area and reclaim higher levels.
Ethereum Price Loses Channel Support as Analyst Waits for Reclaim Setup
Ethereum has broken below its rising daily channel, according to a chart shared by TraderJB on X.
The analyst said he cut the trade after $ETH moved below the channel. He added that the move could still turn into a deviation, but he would only re-enter if Ethereum reclaims the channel and holds above it.
Ethereum Daily Chart. Source: TraderJB on X
The chart shows $ETH falling below the lower boundary of a rising channel that had guided price action since February. The breakdown pushed price under the June 2025 low near $2,111.89, which now acts as an important reclaim level.
TraderJB said the channel break was clean. That means $ETH needs to move back above the broken structure before the recovery setup becomes valid again.
The projected trade path on the chart shows $ETH reclaiming the channel, holding above the lower trendline, and then moving toward the upper part of the range. The marked upside target sits near $2,676.32.
The chart also shows a risk area below the reclaim zone. The lower invalidation area sits around $1,954.87, which suggests the setup would weaken if $ETH fails to recover and drops further.
If Ethereum regains the channel, the first key test would be the broken $2,111.89 level. A hold above that area could support another move toward the mid-channel and then the upper resistance zone.
However, if $ETH stays below the channel, the breakdown remains active. In that case, the chart would continue to show weakness instead of a confirmed deviation.
