Key Takeaways
- • Zcash (ZEC) traded near $1,241 on Thursday, roughly 27% below its September 27 high of $1,698, and was the worst performer among the top 10 cryptocurrencies by market cap over the prior 24 hours, according to Invezz.
- • Grayscale's Zcash ETF (ZCSH) recorded $8.49 million in net outflows on Wednesday per SoSoValue data, bringing the week's outflows to $12.05 million after $93.56 million in withdrawals the prior week.
- • A new Zcash ETF filing associated with Cameron and Tyler Winklevoss signals continued interest in the asset, but a filing is not regulatory approval, a launched product, or fresh inflows.
- • ZEC has broken below its 200-period EMA near $1,287 on the four-hour chart; the RSI sits near 33 and the MACD has crossed below its signal line, with $1,050 cited as the next support level, about 16% below current prices.
Summary
Zcash continued its retreat on Thursday, trading around $1,241 as persistent withdrawals from the Grayscale Zcash ETF and weakening technical momentum weighed on the privacy-focused cryptocurrency. According to Invezz, the token is approximately 27% below its September 27 high of $1,698 and has declined for roughly ten days.
Grayscale's Zcash ETF, ZCSH, registered $8.49 million in net outflows on Wednesday, according to SoSoValue data. Weekly outflows reached $12.05 million so far, following $93.56 million in withdrawals the previous week. The redemptions followed the fund's three-for-one share split. Invezz notes that while the timing coincides, the data does not establish that the split caused the withdrawals.
A new Zcash ETF filing associated with Cameron and Tyler Winklevoss provides a contrasting signal of interest in the asset. The proposal comes 13 years after the twins' initial Bitcoin ETF filing in 2013. However, a filing does not represent regulatory approval, a launched product, or new investment inflows, so its longer-term significance sits alongside the immediate selling pressure on the existing Grayscale fund.
On the four-hour chart, ZEC has fallen below its 200-period exponential moving average near $1,287, which now acts as initial resistance. The 50-period EMA, around $1,355, is declining toward the longer average, and a crossover would form a death cross. The MACD has crossed below its signal line and the RSI sits near 33, approaching oversold territory, though Invezz says these readings do not yet confirm that a base has formed. The $1,050 level, corresponding to the September 4 high, is identified as the next significant support, a further decline of roughly 16% from current levels. Below that, the $1,000 psychological threshold and horizontal support at $888, associated with the August 23 high, are in focus. A recovery would require reclaiming $1,287 and then the 50-period EMA near $1,355.
Grayscale's Zcash ETF, ZCSH, registered $8.49 million in net outflows on Wednesday, according to SoSoValue data. Weekly outflows reached $12.05 million so far, following $93.56 million in withdrawals the previous week. The redemptions followed the fund's three-for-one share split. Invezz notes that while the timing coincides, the data does not establish that the split caused the withdrawals.
A new Zcash ETF filing associated with Cameron and Tyler Winklevoss provides a contrasting signal of interest in the asset. The proposal comes 13 years after the twins' initial Bitcoin ETF filing in 2013. However, a filing does not represent regulatory approval, a launched product, or new investment inflows, so its longer-term significance sits alongside the immediate selling pressure on the existing Grayscale fund.
On the four-hour chart, ZEC has fallen below its 200-period exponential moving average near $1,287, which now acts as initial resistance. The 50-period EMA, around $1,355, is declining toward the longer average, and a crossover would form a death cross. The MACD has crossed below its signal line and the RSI sits near 33, approaching oversold territory, though Invezz says these readings do not yet confirm that a base has formed. The $1,050 level, corresponding to the September 4 high, is identified as the next significant support, a further decline of roughly 16% from current levels. Below that, the $1,000 psychological threshold and horizontal support at $888, associated with the August 23 high, are in focus. A recovery would require reclaiming $1,287 and then the 50-period EMA near $1,355.
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