Zcash Tops $1,000 for First Time in Nearly a Decade

Zcash surged above $1,000 in early September, briefly touching $1,045 and lifting its market capitalization to about $17 billion. The price returned to four figures for the first time since 2016.

Grayscale launched a U.S.-listed Zcash ETF in late August. The fund provides brokerage-account investors exposure to ZEC and holds more than 400,000 coins.

Roughly $34.5 million in ZEC short positions were liquidated during the price spike. Those forced buybacks coincided with higher trading volume. Total open interest in ZEC futures and perpetuals rose to about $2.4 billion from roughly $1.6 billion in the days before the rally.

On short-term charts, ZEC’s 20-period exponential moving average on the one-hour timeframe is near $1,000. The immediate price zone between about $985 and $1,005 is the first test of the breakout. A move above the recent $1,045–$1,055 high would point toward a nearer target around $1,100.

Momentum indicators were elevated. ZEC’s daily Relative Strength Index was close to 80 and the four-hour RSI about 70, readings commonly associated with overbought conditions and possible sharper swings.

If $1,000 does not hold as support, the next support band is around $935–$955 where several short-term moving averages converge. A deeper drop toward $900 and a fall below roughly $850 would return prices toward levels before the latest advance.

ZEC was trading above major daily moving averages and recent pullbacks produced higher lows. Rising open interest increased market leverage; higher funding rates and crowded long positions can make price moves more volatile.

Trader Rain posted on social media: “Short liquidations can accelerate the move.” The liquidation events were reported as part of the price spike.

Price action in coming sessions will be influenced by buying interest in the $985–$1,005 area, changes in open interest and funding rates, and how traders respond if momentum eases.