Zcash traded around $1,300 on Thursday, posting a three-day recovery that lifted the weekly gain to approximately 15%. The privacy-focused cryptocurrency hovered near $1,287 as of the latest trading session, supported by strong inflows into exchange-traded funds and increasing activity in the futures market.
ETF inflows surge on renewed demand
Grayscale’s Zcash-oriented exchange-traded fund posted $15.18 million in net inflows on Wednesday, a sharp increase from the $1.61 million recorded a day earlier, according to data provided by SoSoValue. This marked the largest single-day inflow in about one month and followed three consecutive weeks characterized by net withdrawals.
The latest influx signals a potential turnaround in investor sentiment, though analysts noted that two positive sessions alone do not confirm a lasting end to the previous outflow trend. A more sustained recovery in ETF demand would be necessary to establish a clear shift in the market’s trajectory.
The rebound in ETF inflows points to improving demand through institutional investment products after a period of persistent net withdrawals, but longer-term confirmation is still required.
Rising ETF activity has contributed to Zcash’s recent price stabilization, particularly as the broader cryptocurrency market reacts to developments in macroeconomic policy and digital asset investment products.
Futures open interest nears $2.9 billion
Zcash futures open interest reached $2.89 billion, its highest reading since September 29, as reported by CoinGlass. This figure increased from $2.25 billion at the start of the week, signaling an approximate $510 million rise in outstanding positions.
Open interest captures the notional value of current futures contracts and may reflect the introduction of new long or short positions, increases in the token’s price, or a combination of these factors. The uptick in open interest aligns with the observed rebound, but it does not indicate whether market participants are predominantly bullish or bearish on the asset.
Broader engagement from both investors and traders is evident, but analysts warned that increased leverage could fuel higher volatility if sentiment shifts abruptly.
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ZEC maintains momentum above support levels
On technical charts, ZEC continues to trade above its 50-period Exponential Moving Average of $1,210 and its 200-period EMA at $1,235 on the four-hour timeframe. These moving averages currently serve as short-term support, reinforcing the recovery structure.
The Relative Strength Index stands at roughly 61, reflecting positive momentum while staying clear of overbought territory, which is typically considered at a reading of 70. The Moving Average Convergence Divergence indicator also remains supportive, suggesting sustained upside bias.
However, analysts observed that further upside would require ZEC to overcome additional obstacles. The September 26 peak near $1,698 serves as a reference point for an extended rally, representing a potential 30% advance from current prices. Achieving a breakout above this level would signal renewed strength, though the outlook remains contingent on ongoing price action and trading range developments throughout the year.
A continued defense of the $1,250 support area and the recently reclaimed moving averages will be needed for Zcash to sustain its gains and attempt further upside.
The first key support remains at the $1,250 level, while the 50- and 200-period EMAs between $1,210 and $1,235 provide a broader technical safety net. A firm hold above these lines would help maintain the recent breakout, but a reversal below them may indicate that momentum is fading.
