Zcash appears to be preparing for further enormous price hikes, according to market developments tracked by analyst CryptoJack. ZEC is once again showing strength as buyers continue to defend major support levels, the analyst noted today. Currently, the altcoin trades at $791 and keeps holding above the $742 key support as buyers remain active. The asset is up 54.9% and 56.0% over the past week and 30 days, showing strong bullish momentum.
Early this week, on Monday, August 24, the price of the privacy-focused coin breached through a high of $880, a level reached eight years ago in January 2018. The move above $800 means ZEC’s price is currently 128% higher than levels seen four months ago, in April, when it was trading around $320-$350.
Why Zcash Surged to $880 For the First Time in Eight Years
The asset’s rejuvenated climb to an eight-year high of $880 has been fueled by an interplay of various factors. These include macro-induced crypto market resurgence, ZEC institutional inflows, and technical breakouts.
The wide crypto market recovery, catalyzed by US-supportive regulatory developments, has immensely bolstered markets. As a result, Ethereum surged above $2,000, boosting altcoins’ total market cap above $1 trillion.
Other major assets, including Solana, XRP, and Zcash, recorded significant jumps, with ZEC rising from $486 (on August 17) to $880 (August 23) within a week. This surge is part of the Bitcoin-led rebound in the larger crypto market, activated by the US Treasury’s decision to double bond buybacks and recent short squeeze events that helped propel prices higher.
 
Besides the above catalyst, ZEC’s price spike, which reached the highest level seen eight years ago, came after Grayscale Investments announced the launch of a Zcash ETF on Monday. On August 24, ZEC staged its strongest weekly rally after Grayscale filed an application (with the SEC) to change its Zcash trust into a Zcash ETF. With the SEC’s approval, the digital asset management company has listed the world’s first spot Zcash ETF, triggering strong institutional buying on ZEC.
ZEC Prepares Ground for Higher Surges
The altcoin crossed $800 for the first time in several years, bouncing back strongly as institutional demand for the asset spikes. Technical analytics shared by the expert indicated strong buying pressure at the $742 support level.
As seen in the data, ZEC’s price action appears to respect an established parallel channel on a weekly timeframe. However, recent strong price rebounds are helping the asset to build strength to break out of the parallel channel.
Historically, breaking out of a parallel channel has brought massive price spikes for assets, contributing to higher rises. Holding above support means Zcash market structure remains bullish. If this trend continues, ZEC could be laying the foundation for major climbs ahead, attracting institutional investor interest.
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