The Zcash (ZEC) price is nearing the end of the September trading period after a powerful rally pushed the privacy token to a new ATH of $1,686. The price has since corrected sharply toward the $1400 range as traders took profits and short-term momentum weakened. Despite this pullback, the token remains significantly within a bullish range, keeping the higher target in focus.
Whales Accumulate Despite the ZEC Price Correction
Large holders, or whales, appear extremely bullish on Zcash, seeing the latest correction as an opportunity to accumulate. As per the data from an on-chain data provider, Lookonchain, two wallets believed to be linked to the same whale reportedly withdrew 24,706 ZEC, worth approximately $28.17 million, from Binance and Gate over the past month.
The tokens were withdrawn at an average price of around $1,140, suggesting the whale has continued building its position even as ZEC pulled back from its September high. Moving a large amount of ZEC away from exchanges can indicate that a holder is positioning for longer-term exposure.
ZEC Price Analysis: $1,400 Support in Focus
The ZEC price has pulled back sharply after reaching a September high near $1,686. After three consecutive daily declines, ZEC briefly fell towards $1,360 before recovering to the $1,400 range. The correction has also pushed the price below its short-term rising trendline, indicating that near-term momentum has weakened.
The $1,400 level is now the key support to watch, as holding this zone could give buyers room to push ZEC back toward $1,500 and then $1,600. A break below it, however, could open the door to deeper losses and weaken the bullish setup. The RSI is cooling from a higher range, while OBV remains relatively strong, suggesting that accumulation has not deteriorated as sharply as price.
Can ZEC Price Reach $2000 in October?
The Zcash price has cooled after its strong September rally, but the recent whale accumulation keeps the broader bullish trajectory. The immediate level to watch is $1,400, as holding above it could help the price go higher. For October, a move back toward $1,600-$1,700 looks like a more realistic recovery zone before ZEC can challenge higher targets. A sustained breakout above the ATH could strengthen the case for a move toward $2000.
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