Key Takeaways
- • Grayscale's Zcash-focused ETF recorded four consecutive daily inflows last week, bringing its weekly total to $41.09 million according to SoSoValue data, ending a three-week outflow streak.
- • Zcash traded around $1,200 at press time on Monday, still down more than 15% in October, and below its 50-period EMA at $1,207 and 200-period EMA at $1,231 on the four-hour chart.
- • Resistance sits in the $1,296 to $1,385 supply zone, which capped last week's recovery near $1,368; support is seen near $1,117 and the psychological $1,000 level.
- • Network Upgrade 7 (NU7), scheduled for November 5, will reduce block confirmation time to 25 seconds and disable the Sprout pool, per the Zcash team's announcement on X.
Summary
Zcash rebounded on Monday after a bearish weekend, trading around $1,200 at press time, according to the report. The privacy coin remains down more than 15% in October, and the recovery is modest relative to recent weakness. The primary driver cited is renewed demand for the Grayscale Zcash-focused exchange-traded fund, which recorded four consecutive daily inflows last week totaling $41.09 million per SoSoValue data. The inflows followed three straight weeks of withdrawals, marking a reversal in fund flows.
The article notes that the improvement in ETF flows has not yet translated into a sustained upward price trend. ZEC continues to trade below key moving averages on the four-hour chart, with the 50-period EMA at $1,207 and the 200-period EMA at $1,231 acting as immediate obstacles. The Relative Strength Index near 47 sits slightly below neutral, while MACD near the zero line suggests selling pressure may be easing without signaling a strong recovery.
Further overhead resistance includes an intermediate hurdle at $1,268 and a larger supply zone between $1,296 and $1,385, which capped last week's rebound near $1,368. Clearing these levels would strengthen the bullish case, with the September swing high near $1,698 cited as a longer-term target. The retreat from the September 26 high of $1,698 frames the current correction.
On the downside, the article identifies support around $1,117, corresponding to the September 4 high, with the psychological $1,000 threshold as the next level to watch. The upcoming Network Upgrade 7, scheduled for November 5, was announced by the Zcash team on X on Sunday and will reduce block confirmation time to 25 seconds and disable the Sprout pool and its transactions. The article characterizes the upgrade as a forthcoming catalyst but notes its timing alone does not explain the return of investor interest in the fund.
The article notes that the improvement in ETF flows has not yet translated into a sustained upward price trend. ZEC continues to trade below key moving averages on the four-hour chart, with the 50-period EMA at $1,207 and the 200-period EMA at $1,231 acting as immediate obstacles. The Relative Strength Index near 47 sits slightly below neutral, while MACD near the zero line suggests selling pressure may be easing without signaling a strong recovery.
Further overhead resistance includes an intermediate hurdle at $1,268 and a larger supply zone between $1,296 and $1,385, which capped last week's rebound near $1,368. Clearing these levels would strengthen the bullish case, with the September swing high near $1,698 cited as a longer-term target. The retreat from the September 26 high of $1,698 frames the current correction.
On the downside, the article identifies support around $1,117, corresponding to the September 4 high, with the psychological $1,000 threshold as the next level to watch. The upcoming Network Upgrade 7, scheduled for November 5, was announced by the Zcash team on X on Sunday and will reduce block confirmation time to 25 seconds and disable the Sprout pool and its transactions. The article characterizes the upgrade as a forthcoming catalyst but notes its timing alone does not explain the return of investor interest in the fund.
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