#美联储降息 ZEC is currently positioned with short positions around the 400 level, maintaining a short-term outlook that remains relatively weak.

From the privacy coin track, this wave of enthusiasm is clearly fading—slowing capital inflows have become a certainty. On-chain data reflects the real situation: retail investors are still bottom-fishing and testing the waters, but large investors have already begun quietly reducing their positions and exiting. What does this indicate? Market dominance is shifting towards the bears, and a rebound is unlikely to stabilize.

In the short term, ZEC's rebounds are mostly technical corrections with little substantive support. The simple strategy is—short on rebounds. Specifically, wait for the rebound to reach the 400-410 range before entering short positions lightly. The first target is around 360, and if there’s further downside potential, aim for the 320-300 zone.

Looking at a longer timeframe, if the narrative around privacy coins continues to cool off and overall market liquidity shrinks, ZEC still has considerable downside space. Based on historical support levels, around $100 could become a long-term bottom.

For those holding spot positions, it’s advisable not to hold stubbornly—taking profits or stopping losses at certain stages is a wise choice. Wait for a new bear market bottom before considering medium- to long-term allocations, which will increase the chances of success.