Zcash continued its retreat Thursday, trading around $1,241 as persistent ETF withdrawals and weakening technical momentum weighed on the privacy-focused cryptocurrency.
It is the worst performer among the top 10 cryptocurrencies by market cap in the last 24 hours. The price is approximately 27% below its September 27 high of $1,698, extending a decline that has lasted roughly ten days.
Grayscale’s Zcash ETF has continued to experience redemptions, while ZEC’s break below a key moving average leaves lower support levels in focus.
Grayscale Zcash ETF records further withdrawals
Grayscale’s Zcash ETF, ZCSH, registered $8.49 million in net outflows Wednesday, according to SoSoValue data.
That brought the week’s outflows to $12.05 million, following $93.56 million in withdrawals last week. The current figure covers only part of the week and remains below the previous week’s total.
The redemptions occurred following the fund’s three-for-one share split. Although the timing coincides, the supplied data does not establish that the split caused investors to withdraw.
Continued outflows nevertheless indicate weaker demand for the fund during Zcash’s correction.
A new Zcash ETF filing associated with Cameron and Tyler Winklevoss provides a contrasting signal of interest in the asset.
The proposal comes 13 years after their initial Bitcoin ETF filing in 2013 and points to continued efforts to broaden investment access to ZEC.
However, a filing does not represent regulatory approval, a launched product, or fresh investment inflows. Its potential longer-term significance therefore sits alongside the immediate selling pressure affecting the existing Grayscale fund.
Zcash technical outlook: $1,050 is the next support reference
Zcash has fallen below its 200-period exponential moving average near $1,287 on the four-hour chart.
That level now serves as initial resistance rather than support. Continued trading beneath it would reinforce the bearish near-term structure.
The shorter 50-period EMA, around $1,355, is declining toward the longer average.
A crossover below the 200-period EMA would form a death cross, adding another bearish technical signal, although it would not guarantee further losses.
Momentum indicators also favor caution. The MACD has crossed below its signal line, while the RSI sits near 33, approaching oversold territory.
Those readings show sustained downside pressure without providing clear confirmation that a base has formed.
If ZEC remains below $1,287 and selling continues, $1,050 is the next significant support level, corresponding to the September 4 high.
A move from $1,246 to $1,050 would represent a further decline of approximately 16%.
Below that, the psychological $1,000 threshold comes into focus. A sustained break could expose horizontal support at $888, associated with the August 23 high.
For a recovery, Zcash first needs to reclaim $1,287, followed by the 50-period EMA near $1,355. Moving above both would ease the immediate bearish pressure.
Until then, persistent ETF withdrawals and weak momentum leave ZEC vulnerable to an extension of its correction.
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