Zcash Breaks Above $1,000 for the First Time in 10 Years

• Zcash breaks above $1,000 for the first time in 10 years, marking a major milestone for ZEC.
• ZEC has surged 96% in one month as heavy short liquidations add fuel to the rally.
• Analysts see $1,292 as a possible target, but a drop below $1,000 could trigger a pullback.

Zcash (ZEC) has risen above $1,000 for the first time in ten years, continuing one of the biggest rallies in the crypto market.

At press time, ZEC climbed nearly 20% in the past 24 hours to about $1,010. Its market value is at $16.64 billion, putting Zcash among the top 10 cryptocurrencies.

The rise has been dramatic. ZEC is up about 96% in the past month, from roughly $485, and has gained more than 2,300% over the past year. Meanwhile, two years ago, it traded at $15.97, implying an extraordinary 6,229% surge since then.

Despite this impressive performance, Zcash remains down 82% from its all-time high of $5,941 it reached in October 2016.

Zcash ETF Attracts More Investors

A major reason for ZEC’s recent rise is the launch of the Grayscale Zcash Trust (ZCSH) on the NYSE Arca on August 25. The U.S.-listed ETF allows investors to gain exposure to ZEC through regular brokerage accounts, making it easier for traditional and institutional investors to buy. 

Short Sellers Take Big Losses as ZEC Passes $1,000

Zcash’s sharp rise has caused major losses for traders who bet its price would fall. Lookonchain reported that Bitcoin OG Garrett Jin is facing more than $18.5 million in unrealized losses on a 32,760 ZEC short position, worth about $33 million at current prices. The position was opened at around $444, meaning ZEC has more than doubled since then.

Meanwhile, about $36.6 million worth of leveraged ZEC positions were liquidated in the past 24 hours, including around $34.5 million in short positions, according to WuBlockchain. These forced liquidations may be helping push ZEC higher, creating what is known as a short squeeze.

Can ZEC Keep Rising?

Zcash has broken through several months of resistance and moved into new price territory. However, the rally is starting to look overheated. ZEC’s Relative Strength Index (RSI) is around 76.93, which puts it in overbought territory. 

This doesn’t mean a drop is certain, but it shows buying momentum is very strong and bigger price swings may follow.

Analyst Eric Van Tassel said ZEC reaching a new high without first retesting its previous price levels is a bullish sign. However, he sees resistance around the 1.618 Fibonacci level and believes a pullback toward $900 will help create a stronger base.

If ZEC breaks through current resistance, the next key target is around $1,080. Other Fibonacci levels suggest ZEC could reach $1,115–$1,292 if the rally continues. However, if ZEC falls below $1,000, it could pull back toward $900. A deeper drop could take it toward $780.

Related: Zcash Price Prediction Points to $1,200 as ZEC Squeezes Shorts for a Third Straight Session