Grayscale Eyes ZEC ETF as Price Soars: Dump Incoming?

Key Insights:

• ZEC holds above $480 support as Grayscale files ETF following a massive 2,700% rally.
• Price faces strong resistance at $700 with rejection keeping downside risk toward $200 in play.
• ETF news builds momentum, but buyers must clear the $580–$611 supply zone for the trend to continue.

Grayscale has filed to convert its Zcash Trust into a spot ETF. The filing comes as ZEC has surged more than 2,700% in 2025. This sharp rise puts ZEC back in focus, especially as it approaches levels that have previously triggered strong rejections.

Price traded as high as $782 earlier this month, touching a zone that acted as resistance in past cycles. ZEC has since pulled back and priced at $510.61. It gained 1.1% in the last 24 hours but is still down 25.0% over the past 7 days.

$480–$505 Support Still Holding

The chart shows ZEC holding above a key area between $480 and $505. This zone has provided a base during multiple declines and is backed by the 38.2% retracement from the larger move ($40 to $700) and the 200-period SMA.

Despite losing its long-term trendline earlier this month, ZEC has continued to bounce off this level. The price has yet to close below the zone, keeping the broader range intact for now. Several breakdown attempts were rejected near $480, suggesting that buyers are still active at that level.

Resistance Zones Block Further Upside

ZEC faces hurdles above. The first is near $540, followed by a broader supply zone from $580 to $611. These levels have repeatedly stalled upward moves. Traders will be watching these closely as price continues to coil in the current range.

The area around $700 remains the main resistance. It has been tested several times but has not broken.

As Crypto Patel noted, 

“If the price stays below $700, there is a high probability of a drop back to $200–$100.” 

The lack of follow-through above that mark keeps downside risk in play.

Market Structure Remains in Balance

ZEC was still trading within a range. The move is being supported by the $480 zone, which has been described as the “backbone of the entire uptrend,” according to Ardi. That level has held on every test so far.

If price closes below $480–$500 multiple times, the current structure may shift to a local downtrend. Until then, the setup remains neutral, and traders are watching to see whether the ETF filing can help ZEC retest the upper boundary or if another breakdown attempt follows.