Zcash Price Forecast: Bullish momentum mounts on steady ETF inflows, retail confidence

• Zcash edges higher on Wednesday, extending its fifth consecutive day of gains, including a 6% rebound the previous day.
• ZEC Spot ETF recorded over $3 million in total inflows on Tuesday, marking its sixth straight day of inflows.
• Retail confidence in Zcash remains firm as Open Interest rises 16% in 24 hours, and the funding rate remains positive.

Zcash (ZEC) extends steady recovery above $1,300 on Wednesday, approaching a key resistance near $1,373. Grayscale’s ZEC-focused Exchange-Traded Fund (ETF) sees persistent buying pressure, with six straight days of inflows, including more than $3 million on Tuesday. Zcash derivatives data show a buy-side bias among traders, with Open Interest up 16% over the last 24 hours amid elevated short liquidations.

Zcash must surpass the $1,373 key resistance level to sustain a recovery toward its $1,698 swing high.

Six-day ETF inflow streak, rising Open Interest fuel bullish interest in Zcash

Zcash shows signs of renewed institutional and retail interest, supporting its near-term recovery. SoSoValue data shows Grayscale’s ZEC-focused ETF (ZCSH) recorded $3.45 million in inflows on Tuesday, up from $1.96 million the previous day. This brings the weekly total to $5.41 million so far, extending last week's $41.09 million and marking the sixth consecutive day of inflows.

On the retail side, CoinGlass data shows that ZEC futures Open Interest (OI) is up 16% over the last 24 hours to $2.91 billion, indicating an increase in the notional value of active positions. Typically, the surge in OI is driven by a rise in the spot price or a positional buildup. 

Total liquidations of $8.11 million in the same period, led by $7.58 million in short liquidations, implies a buy-side bias, which is reinforced by a positive funding rate of 0.0037%.

Technical outlook: Can Zcash rebound above $1,600?

Zcash trades above $1,300 at press time on Wednesday, holding a constructive bullish bias above the 50- and 200-day Exponential Moving Averages (EMAs) at $1,203 and $820, respectively, which underpin the broader uptrend.

The price is inching closer to the 50% retracement of the downswing from $1,698 to $1,049, at $1,373, which capped gains earlier this month. A confirmed breakout above this level could open the path toward the $1,698 swing high.

Momentum favors the topside, with the Relative Strength Index (RSI) around 55 indicating positive but not overextended buying pressure, while the Moving Average Convergence Divergence (MACD) shows a strengthening positive profile that hints at sustained upside interest.

On the downside, immediate support is seen at the 50-day EMA around $1,203 and the Fibonacci anchor at $1,049, while deeper declines would bring the 200-day EMA at $820 into view.

(The technical analysis of this story was written with the help of an AI tool. Know more.)