Grayscale Files for First US Spot Zcash ETF - Will ZEC Hit $1,000? ChatGPT Thinks So
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Key Takeaways
ZEC’s price pulled back after strong gains but remains up nearly 400% over 30 days.
An Adam and Eve setup and rising CMF suggest a potential breakout above $260.
Holding support near $244 could drive a rally toward $450, while failure risks decline.
Earlier today, Zcash (ZEC) price slipped from $275, shaking out weak hands in the process.
However, the pullback appears to be a temporary dip, as several indicators suggest that the worst may already be over.
At press time, ZEC traded around $255, still marking an impressive 398% gain over the past 30 days.
Despite the brief retracement, market structure and momentum indicators imply continued strength, hinting that a major correction remains unlikely.
If current sentiment holds, ZEC could close October on a strong note, potentially stabilizing before another leg upward.
Zcash Reversal Setup Strengthens
On the 2-hour chart, Zcash’s price has formed a bullish Adam and Eve pattern, a setup that signals the end of a downtrend and the beginning of a potential breakout.
The “Adam” phase represents a V-shaped recovery formed by aggressive buying after a notable decline.
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The “Eve” phase, on the other hand, develops as a broader, more rounded bottom, reflecting gradual accumulation by market participants.
This combination typically indicates strong base formation, as selling pressure weakens and buying interest builds steadily.
However, ZEC’s price needs to confirms this pattern with a breakout above the neckline. As it stands, the current neckline sits around $260.66
To achieve this, buying pressure needs to increase. If that happens, Zcash’s price might go on a new upward leg, potentially pushing the price back toward recent highs near $275.
This suggests that many traders are betting against further upside — a setup that can sometimes fuel a short squeeze if the price continues to climb.
In such cases, sustained upward pressure forces short sellers to cover their positions, accelerating bullish momentum.
Therefore, the negative funding rate, paired with ZEC’s strong spot performance, could act as a contrarian signal, hinting that Zcash’s price rally may have more room to run.
However, failure to hold support within the Eve base could delay the breakout, leading to short-term consolidation before another attempt to move higher.
If that were to happen, ZEC’s price might decline to $202.14.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
