Zcash (ZEC) is consolidating near $1,223–$1,236 after a parabolic advance, with analysts targeting $1,300 next and $1,500 if buying pressure persists. On September 6, ZEC set a record high of $1,254.01, crossing $1,000 for the first time since 2016 and pushing its market capitalization near $20 billion, enough to pass Dogecoin in the top ten.
The rally has been driven by the launch of Grayscale’s spot Zcash ETF on NYSE Arca under the ticker ZCSH on August 25. The fund has gathered approximately $463 million in assets in roughly two weeks, making it one of the fastest-growing crypto ETFs on record. It charges a 2.50% expense ratio and is described as the first spot ZEC exchange-traded product.
Short liquidations added fuel: ZEC recorded about $45.32 million in short liquidations in a single 24-hour period, the largest of any asset, following another $34.5 million when price broke $1,000. On-chain data also shows shielded pool holdings rose to 4.85 million ZEC, the highest since June, indicating more coins moving into private storage.
Technically, the 20-day EMA near $963.29 is the nearest support, while RSI at 77.99 remains overbought. Analysts see $1,000 as reclaimed support and $1,300 as the next upside test. Risks include the EU’s anti-money-laundering framework set to restrict anonymity-enhancing tokens from July 1, 2027, and the potential for ETF inflows to slow once the short squeeze exhausts itself.
