Currently, the overall trend of ZEC is still upward, with the price around $354, firmly above the short-term and medium-term moving averages, and the general direction is not bad. However, recently it has been fluctuating between $330 and $370, with a lot of trapped positions at higher levels between $370 and $400, which could lead to selling pressure if it rises. The $330 level is a key support; if it cannot hold, it may retest $300.

On the funds side, bulls and bears are fighting fiercely, and there are still many shorts among large investors, but their strength has weakened significantly. Institutional longs are still dominant, but the high-level trapped positions make it difficult to push higher in the short term.

The fundamentals are quite stable; the SEC investigation has completely ended, giving the green light to privacy coins, and institutions are also entering the market. On-chain data is reaching new highs, plus the expectation of loose liquidity in the broader market, so the long-term logic remains sound.

Next, the focus is on the $370 hurdle. If it breaks through with volume, it’s likely to challenge the previous high; if it fails to hold and drops below $330, caution is needed for a correction. In the medium term, as long as there are no major surprises in the fundamentals, the overall trend remains bullish, but short-term volatility could be significant, so close attention is required. $ZEC