Ethereum is slipping deeper in relative terms against US tech stocks. A chart shared by analyst Heisenberg shows the ETHUSD-to-QQQ ratio has fallen to its lowest point since January 2021, with the latest reading near 2.66. The metric compares Ethereum with the Invesco QQQ Trust, a fund tied to leading US technology equities.
During the 2021 bull cycle, Ethereum showed far more strength on this comparison, pushing the ratio above 13. That move did not last. The source notes that rebound attempts seen in 2022, 2024, and projections for 2025 all failed to reach the highs of the prior cycle, pointing to a long stretch of weakness in ETH relative to QQQ. Heisenberg’s view is that Ethereum is moving into an area where its relative valuation becomes hard to ignore, but the charts still do not show a clear reversal.
$2,111.89 becomes the first major test on the chart
TraderJB focused on Ethereum’s standalone price structure. According to his analysis, ETH has broken below a daily ascending channel that had been in place since February. After that breakdown, he said he closed his position, while adding that the move could still end up being a temporary fake-out.
His chart identifies $2,111.89 as the pivotal threshold, matching the area of the expected June 2025 lows. For a bullish structure to recover, ETH would need to reclaim that level first, move back into the prior channel, and then hold above it. In his view, only a clean recovery of that broken structure would offer a stronger basis for reentering Ethereum trades.
Upside sits at $2,676.32 while $1,954.87 marks invalidation
If Ethereum manages to rebound, the immediate upside target on the chart is $2,676.32. If the recovery fails, $1,954.87 stands as the invalidation level. A move there would weaken the broader setup even more.
For now, the market is watching whether ETH can hold a sustained move above $2,111.89. Stability above that zone would reopen the path toward the middle of the channel and then its upper resistance area. If that does not happen, the bearish break below the ascending channel remains in force and Ethereum stays exposed to more downside pressure.