Ethereum Underperforms Against QQQ Trust, Reclaims Key Support Level a Must

Ethereum's performance against the Invesco QQQ Trust has hit a two-year low, with the ETH to QQQ ratio dropping to around 2.66. This level indicates that Ethereum is underperforming the tech-heavy ETF and may be experiencing weakening relative strength.

The cryptocurrency broke below its rising price channel and the key $2,111 support level, which now must be reclaimed for a recovery to be validated. If ETH fails to regain this level, the bearish breakdown remains active, with potential further downside towards $1,954.

A successful reclaim of the $2,111 support level could push prices upwards, potentially reaching $2,676. However, Ethereum's current performance suggests it is struggling compared to QQQ.