Zcash price drops to $470 as rally cools despite Grayscale Zcash ETF filing

Zcash (ZEC) traded around $470 after falling 7.8% in the past 24 hours and 28% over the week, with activity easing after a sharp November advance. Spot trading volume was about $740 million in the past day. Derivatives turnover and open interest have pulled back from recent highs.

Grayscale filed a registration with the U.S. Securities and Exchange Commission to convert the Zcash Trust into a U.S. spot exchange-traded fund that would list on NYSE Arca. The asset manager described ZEC as part of a “balanced digital asset portfolio” and noted renewed global interest in privacy-focused blockchains. 

The filing referenced earlier regulatory pressure that led to ZEC delistings in prior years. If approved, the Grayscale fund would trade on NYSE Arca and offer regulated exposure to ZEC for U.S. investors.

Reliance Global Group, a Nasdaq-listed insurance technology firm, converted its entire digital asset treasury (DAT) into Zcash, liquidating Bitcoin, Ether, Cardano and XRP and calling ZEC the “most compelling” long-term digital asset for privacy-enabled transactions. Cypherpunk Technologies disclosed that it had accumulated more than 200,000 ZEC in recent weeks.

Market technicians highlight stretched readings and broken patterns following the surge. The relative strength index (RSI) rose above 80 before easing toward neutral. Price action slipped below a rising channel and then a symmetrical triangle. Charts now show a double top near the $780–$800 area, with ZEC testing support around $470.

Participants are watching $470 as near-term support and the $550–$600 range as resistance. Indicators point to weak momentum and bearish MACD readings. Short-term moving averages slope lower, while longer-term averages still trend higher.