Ethereum fell to relative lows against the Invesco QQQ Trust not seen since January 2021, according to a chart shared by analyst Heisenberg on X. The ETHUSD to QQQ ratio dropped toward 2.66, marking fresh lows after reaching above 13 during the 2021 cycle. Separately, analyst TraderJB reported that ETH broke below its rising daily channel that had guided price action since February, pushing below the June 2025 low near $2,111.89. TraderJB cut the trade after the channel break and stated he would only re-enter if Ethereum reclaims the channel and holds above it. The breakdown occurred after Ethereum lost relative strength following the 2021 peak, with the ratio forming lower highs in subsequent rebound attempts during 2022, 2024, and 2025.
Ethereum Ratio Drops to January 2021 Levels Against QQQ
Heisenberg's chart tracks the ETHUSD to QQQ ratio, showing Ethereum's performance against the Invesco QQQ Trust. The ratio reached 2.66, near the chart's long-term lower area marked as fresh lows not seen since January 2021.
The chart shows ETH strongly outperforming QQQ during the 2021 cycle, when the ratio surged above 13. After the 2021 peak, the ratio formed several lower highs with rebounds in 2022, 2024, and 2025, but each move failed below earlier cycle highs.
Heisenberg's post suggests ETH may be reaching an area where relative value becomes harder to ignore. The chart does not yet show confirmation of a rebound. A recovery would need the ETHUSD to QQQ ratio to move away from the current low area and reclaim higher levels.
Ethereum Breaks Rising Daily Channel Support
TraderJB's 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 a reclaim level.
TraderJB said the channel break was clean and that 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.
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. TraderJB's setup would weaken if ETH fails to recover and drops further.
FAQ
What level does Ethereum need to reclaim according to TraderJB's analysis?
Ethereum needs to reclaim the $2,111.89 area, which corresponds to the June 2025 low and the broken rising daily channel support. TraderJB stated he would only re-enter the trade if ETH reclaims the channel and holds above it.
What is the ETHUSD to QQQ ratio and why is it significant?
The ETHUSD to QQQ ratio measures Ethereum's performance relative to the Invesco QQQ Trust. According to Heisenberg's chart, the ratio dropped toward 2.66, reaching levels not seen since January 2021. The ratio peaked above 13 during the 2021 cycle before forming lower highs in subsequent years.
What price target does TraderJB's chart show if Ethereum reclaims the channel?
TraderJB's chart shows an upside target near $2,676.32 if Ethereum reclaims the rising daily channel and holds above the lower trendline. The chart also marks a lower invalidation area around $1,954.87 below the reclaim zone.
