Zcash (ZEC) surged past $1,600 for the first time since 2016, breaking through key resistance levels at $1,300, $1,400, and $1,500. The price reached approximately $1,670 before retracing to $1,626.20, with rising volume indicating broader market participation. However, the Relative Strength Index (RSI) at 71.16 signals overbought conditions, making the asset vulnerable to a short-term pullback. Holding $1,600 could keep $1,670 within reach, while losing that support may expose $1,400. The rally was supported by new institutional access: 21Shares launched Europe’s first physically backed Zcash ETP on Euronext Paris and Amsterdam, giving brokerage customers direct exposure, and Grayscale announced a U.S.-based Spot Zcash ETF with roughly $100,000 in initial investments. Additionally, open interest jumped 13.35% to $2.3 billion, with a trader holding a 50x-long position worth about $223,563, earning an unrealized profit of approximately $70,694. The growing leverage amplifies upside but increases sensitivity to potential liquidations.
Zcash (ZEC) climbed above $1,600 for the first time since 2016, marking a significant shift toward longer-term recovery. The move accelerated after buyers cleared $1,300, $1,400, and $1,500, with each level acting as a launchpad.
The asset rose to roughly $1,670 before retracing to $1,626.20. Rising volume during the strongest advances points to broader participation behind the move.
The Relative Strength Index (RSI) stood at 71.16, indicating overbought and stretched momentum. This leaves ZEC vulnerable to a short-term pullback as buyers test whether demand can absorb profit-taking.
Holding $1,600 would keep $1,670 within reach. Losing that level could expose $1,400 support.
Regulated access expanded as 21Shares announced the launch of Europe’s first physically backed Zcash ETP on both Euronext Paris and Amsterdam. This allows brokerage customers direct exposure to Zcash without handling the cryptocurrency themselves.
The announcement followed Grayscale’s plan for a U.S.-based Spot Zcash ETF. With roughly $100,000 in initial investments, the impact of the European ETP on price was somewhat limited at its introduction.
Open interest increased by 13.35% in the last 24 hours, reaching $2.3 billion. Much of that exposure is concentrated at Hyperliquid or Binance, each holding about $876 million.
A trader identified as 0xE34E holds an open 50x-long position valued at approximately $223,563, earning roughly $70,694 in unrealized profit. The leverage continues to help drive upside but makes the market more sensitive to potential liquidations and reversals.
