Zcash (ZEC) maintains a bullish structure on higher timeframes despite near-term pullback signals, according to analyst Jesse Olson. The cryptocurrency surged from a summer consolidation range near $390–$530 to $1,635.01, gaining 11.16% in the latest session. Technical indicators show strong buying pressure, with the 20 EMA at $1,262.71 as a key support level. Derivatives activity is rising, with trading volume up 9.74% to $7.66 billion and open interest increasing 14.67% to $3.27 billion, signaling higher market engagement. Meanwhile, 21Shares launched a physically backed Zcash ETP (ticker ZCASH) on a European exchange, providing regulated exposure to the privacy-focused cryptocurrency without requiring wallets or seed phrases.
Zcash (ZEC) continues to show a bullish trend on daily timeframes, though analyst Jesse Olson has identified signals of an imminent pullback. According to his chart analysis, the coin is displaying bearish divergence and a reversal candle, which could indicate weakening short-term momentum.
The setup may lead to a retest of trending support dots or possibly lower levels. However, Olson emphasized that higher time frames remain bullish despite the developing pullback signals.
TradingView data shows ZEC broke out from a summer consolidation between approximately $390 and $530. The cryptocurrency accelerated sharply in late August, moving well above its moving averages to reach $1,635.01.
The 20 EMA currently sits near $1,262.71 as an important dynamic reference point. The large distance between the current price and this moving average highlights rally strength but also leaves room for a deeper retracement if momentum cools.
Technical indicators confirm solid bull strength. The daily moving averages maintain a positive structure, with the 20 EMA well above the 50, 100, and 200 EMAs. The MACD line stands near $189.87 compared with a signal line around $164.28, with the histogram continuing to expand.
Derivatives activity is rising, with a 9.74% increase in trading volume to $7.66 billion and a 14.67% increase in open interest to $3.27 billion, as per data from Coinglass. Both indicators rising together suggest more participants are entering the market.
In a further development, 21Shares has listed a Zcash ETP under the ticker ZCASH on a European exchange. This physically backed product allows European traders to gain exposure to ZEC without using wallets or seed phrases.
