Ethereum’s QQQ ratio plunges to multi year lows! What are analysts watching now?

Ethereum’s sharp underperformance against QQQ

A chart shared by analyst Heisenberg tracks the ETHUSD to QQQ ratio, offering a direct look at how Ethereum fares against the Invesco QQQ Trust, which follows top US tech stocks. Latest data reveals this ratio has plummeted to its lowest point since January 2021—a level not witnessed in years.

Historically, Ethereum established impressive strength versus QQQ during the 2021 bull cycle, pushing the ratio above 13. However, that momentum proved unsustainable. While there were repeated attempts to rebound in 2022, 2024, and even 2025 projections, each upswing failed to match the previous cycle’s highs, suggesting persistent weakness.

Heisenberg’s commentary implies that Ethereum is approaching a region where its relative valuation can no longer be ignored, yet technical charts offer no definitive sign of a reversal at this stage.

With this latest move, the ETHUSD to QQQ ratio has now dropped near 2.66, signaling Ethereum’s proximity to the lower band of its long-term trading range. This dynamic underlines ETH’s continued struggle to keep pace with US tech equities for the moment.

Critical support at $2,111 emerges on price chart

In a separate analysis, trader TraderJB highlights that Ethereum has broken below the long-standing daily ascending channel that began in February. Following this technical breakdown, he reports closing his position, while also cautioning that the move might still turn out to be a temporary fake out.

The analysis zeroes in on $2,111.89—the area matching June 2025’s expected lows—as the pivotal threshold. To revive a bullish outlook, ETH would first need to recover this level, then reclaim its previous channel, and finally sustain price action above this zone.

TraderJB emphasizes that only a clean recapture and hold above the broken structure would provide a strong basis for reentering Ethereum trades.

Should Ethereum mount a recovery, the immediate upside target is marked at $2,676.32 on the chart. Conversely, the $1,954.87 area looms as the invalidation point—if ETH fails to rally, the overall structure is expected to weaken further.

At this stage, the first crucial test for Ethereum will be a sustained move above $2,111.89. Achieving stability over this level could fuel a push toward the channel’s midpoint and eventually its upper resistance band. If that fails, however, the bearish break below the channel will remain valid, signaling continued vulnerability for ETH.