Don't be fooled by the repeated news of ETF applications and Cypherpunk pouring $5 million into increasing holdings; the recent trend of ZEC has already made everything clear—it's just falling, and falling without any suspense.

In the past 24 hours, ZEC dropped directly from $536 to $496, a decline of over 7.5%. If you keep an eye on the candlestick chart, it's basically a continuous downward trend, with not even a decent rebound in sight. RSI has dropped to 7.5, MACD is deeply negative, and the price is being pressed down by all short-term, medium-term, and long-term moving averages—such a poor technical picture can no longer be explained as a "correction," this is a real dump market.
Some say Grayscale is planning to launch a spot ETF for ZEC, which is a signal that big institutions are about to enter. But think about it, the ETF news hasn't even been confirmed, and the price has fallen instead of rising after the announcement—what does that mean? It indicates that the market simply isn't buying it. To put it more plainly, the current holders of ZEC are just taking advantage of this "good news" to sell their holdings to retail investors still holding onto illusions.
And look at that Cypherpunk increase—spending $5 million to buy over 10k coins sounds impressive. But the problem is, they’re buying, while the market is falling; they might be long-term locked positions, and if you jump in now, you're just taking a flying knife. Moreover, this volume is negligible compared to the daily trading volume of tens of millions, hardly even a ripple.
The price has already broken below $500, with a 24-hour low of $490. The 7-day and 25-day moving averages are at $545 and $455 respectively, and the price is hanging in the middle—neither up nor down. But looking at the negative MACD and decreasing trading volume, the next likely support level is around $455 or even lower.
To put it plainly, the current state of ZEC is: good news is just for show, while the actual selling is happening in earnest. The big players are repeatedly cutting losses under the guise of news, chasing the rally and trapping late buyers, while bottom-fishers are getting buried. If you still hold spot holdings, now is the time to sell before the price drops further. For those wanting to short, wait for a weak rebound to enter—it's a hundred times more reliable than betting on a reversal.
Don’t fight the market. The downtrend is already set; don’t be the last one standing. $ZEC ‌#特朗普访华