Zcash (ZEC) Maintains Momentum Above $1,600 Following 21Shares ETP Launch in Europe

Key Takeaways

• ZEC surged more than 70% during the previous month, maintaining levels above $1,600.
• Chart patterns indicate key resistance zones between $1,560-$1,615, with the $1,800 level representing the extended upside target.
• Analyst RookieXBT posted on X that Zcash appears poised for a rally toward $1,800.
• Asset manager 21Shares introduced a physically-backed Zcash ETP trading on Euronext Paris and Amsterdam.
• Grayscale’s Zcash ETF in the United States secured a $100 million capital injection from Digital Currency Group in early September.

Zcash continued to demonstrate robust performance throughout September, sustaining price levels above the $1,600 threshold. On September 22, ZEC was trading around $1,492 following an intraday peak near $1,569.

The digital asset maintained gains exceeding 70% across the 30-day timeframe. During early September, ZEC was changing hands near $953 before breaking through psychological barriers at $1,000, $1,250, and $1,500.

This upward trajectory emerged after a bullish pennant formation breakout detected earlier in the trading month. The technical pattern initially suggested a target of $1,000, though subsequent projections were adjusted higher.

Critical Resistance Zones Near $1,600 Under Scrutiny

The most immediate overhead resistance occupies the $1,560-$1,585 range. A convincing daily candle close above approximately $1,582 would reinforce the bullish thesis for continued upside.

Beyond this zone, market participants are monitoring the $1,600-$1,615 territory. Liquidation heatmaps revealed substantial short position clusters concentrated around $1,605-$1,610.

Should ZEC successfully breach these barriers, the $1,700 mark emerges as the subsequent intermediate objective. The broader technical framework then projects toward the $1,800-$1,850 corridor.

Cryptocurrency analyst RookieXBT shared his perspective on X, stating that ZEC “looks like” it’s positioned for a move toward $1,800. His commentary represents technical interpretation rather than definitive price prediction.

Bullish momentum persists across multiple technical indicators. ZEC maintains trading levels significantly above its key short-term, medium-term, and long-term moving averages.

Relative Strength Index measurements hovering between 67-70 demonstrate that momentum remains in elevated territory. Additional momentum oscillators, such as Stochastic and Commodity Channel Index, also register high values following the recent price appreciation.

21Shares Introduces Zcash ETP for European Investors

21Shares unveiled a physically-backed Zcash exchange-traded product available on Euronext Paris and Amsterdam exchanges. The investment vehicle trades under the ticker ZCASH with an annual management fee of 2.5%.

The ETP provides traditional brokerage account holders with ZEC exposure without necessitating direct cryptocurrency custody. The product’s underlying assets are secured through institutional-grade custody solutions.

This European market entry follows Grayscale’s Zcash ETF listing on NYSE Arca in August. That investment product delivers direct ZEC exposure through a regulated U.S. exchange-traded fund structure.

On September 8, Digital Currency Group allocated approximately $100 million to the Grayscale offering. As Grayscale’s parent entity, DCG’s investment represents a related-party transaction.

21Shares also highlighted significant privacy-coin sector expansion, noting growth from approximately $6.2 billion to roughly $30 billion in market capitalization over a twelve-month period. The firm’s September analysis estimated Zcash’s market valuation at around $20 billion.

As of September 23, ZEC continued trading above $1,500 after recording gains surpassing 30% over the seven-day period. The immediate technical challenges remain the $1,585 and $1,615 levels, with the $1,700-$1,800 range representing the extended target zone.