Zcash rallies past $1,000 record high
Zcash rallies past $1,000 record high
Anonymous
Key Points
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Wincent’s Paul Howard said sentiment improved alongside “$100 million in exchange-traded fund inflows” and “over-the-counter trading,” explicitly linking the rally to both ETF flows and OTC activity.
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Mining economics were quantified: one estimate had Bitmain’s Z15 Pro earning about $59.09 per day at the reported ZEC price, with the Z15 and Z15K estimated at $29.25 and $35.14 respectively; the same report noted both machines were “unavailable through Bitmain when the report was published.”
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Crypto.news data showed the momentum cooling numerically: the daily RSI was 70.29 (just above the overbought threshold) and the RSI signal line was 75.79, while ZEC on the 4-hour chart recovered above the Bollinger Bands’ middle line near $836 after dipping toward the lower band around $803.
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Coin-Turk/TradingView-based chart levels extended the map beyond the $780–$800 support and $850–$900 resistance cited elsewhere: traders highlighted $750 as “a key monthly support,” an upside break of $900 opening a potential target at $971, and warned that losing $750 could redirect focus to the $610–$650 historical support region.
Zcash's ZEC token soared past $1,000 for the first time in nearly a decade on Friday, touching an intraday high of $1,023 before settling around $984, according to Crypto Briefing. The rally came as Bitcoin climbed above $81,000, lifting the broader crypto market. Decrypt reported the token jumped nearly 20% in 24 hours, with $34.5 million in short positions liquidated during the surge.
ETF inflows and improved risk sentiment drove much of the momentum. The Block noted that Grayscale's newly launched Zcash ETF (ZCSH) attracted significant inflows, while Invezz highlighted growing institutional demand for the privacy coin. However, technical analysts warned the rapid climb has stretched the market dangerously thin, leaving ZEC vulnerable to sharp pullbacks.
Mining Economics Heat Up Alongside Price Rally
ZEC's surge made mining more profitable. Bitmain's Z15 Pro earned about $59.09 per day at the reported price, while the Z15 and Z15K models generated $29.25 and $35.14 daily respectively, according to mining estimates. The network's hashrate climbed to roughly 91% of its all-time record as ASIC mining activity increased. Both the Z15 and Z15K were unavailable through Bitmain when these profitability figures were reported.
ETF Inflows and OTC Trading Drive Institutional Interest
Institutional buying accelerated the rally. Wincent's Paul Howard reported roughly $100 million in ETF inflows into Grayscale's ZCSH fund alongside heightened over-the-counter trading activity. Invezz noted that Zcash's native ETF had risen 25% since its listing, reflecting sustained investor appetite for privacy-focused assets. The combination of retail and institutional demand created strong upward momentum across September.
Technical Signals Warn of Overbought Conditions and Cooling Momentum
Momentum indicators flashed caution. Crypto.news data showed ZEC's daily Relative Strength Index (RSI) at 70.29—just above the overbought threshold at 70. The RSI signal line stood at 75.79, suggesting fading buying pressure. On the 4-hour chart, ZEC recovered above the Bollinger Bands' middle line near $836 after dipping toward the lower band at $803, revealing volatility and potential weakness.
Support and resistance levels map the path ahead. Traders identified $750 as major monthly support, while $780–$800 offered the next cushion, according to TradingView-based chart analysis. Overhead resistance sits at $850–$900, with a break above $900 potentially targeting $971. Losing $750 support could send ZEC toward the $610–$650 historical zone, a drop of more than 35%.
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