🚨🔥 $ZEC UPDATE: Zcash Pulls Back as ETF Money Leaves! 📉
ZEC is trading around $1,300, down about 23% from its recent peak near $1,690.
What this means right now:
💸 First ETF Outflow: Grayscale's Zcash ETF (ZCSH) lost $93.6M in the week ending October 2, its first negative week since late August. Two weeks earlier it had led all crypto ETFs with $98.2M of inflows.
✅ Still Positive Overall: Total inflows since launch are still about $212.6M, so the fund is not empty, but the buying has cooled.
📉 Weak Chart: ZEC broke below its major upward trendline, and one analysis sees $1,031 as the next downside target. Another sees $1,155 if support fails.
🛠️ Next Catalyst: The NU7 upgrade is live on public testnet, and the mainnet decision is due October 20.
📊 Levels to watch:
🔹 Resistance: around $1,630
🔹 Downside targets: $1,155, then
ZEC is trading around $1,300, down about 23% from its recent peak near $1,690.
What this means right now:
💸 First ETF Outflow: Grayscale's Zcash ETF (ZCSH) lost $93.6M in the week ending October 2, its first negative week since late August. Two weeks earlier it had led all crypto ETFs with $98.2M of inflows.
✅ Still Positive Overall: Total inflows since launch are still about $212.6M, so the fund is not empty, but the buying has cooled.
📉 Weak Chart: ZEC broke below its major upward trendline, and one analysis sees $1,031 as the next downside target. Another sees $1,155 if support fails.
🛠️ Next Catalyst: The NU7 upgrade is live on public testnet, and the mainnet decision is due October 20.
📊 Levels to watch:
🔹 Resistance: around $1,630
🔹 Downside targets: $1,155, then
