Zcash (ZEC) is showing signs of a possible recovery, with buyers needing to defend key support and overcome successive resistance levels to keep the $2,000 target in sight. Meanwhile, a major whale withdrew substantial holdings from two exchanges, drawing attention to large-scale activity surrounding the cryptocurrency.
As of now, according to CoinMarketCap data, Zcash is trading at $1,292.48, with an increase of 4.71% over the past 24 hours and a decrease of 2.68% over the past week.
Zcash Eyes $2,000 as Price Recovery Hinges on Key Support Zone
According to crypto analyst Giannis Andreou, Zcash could climb toward $2,000 if buyers defend the current support zone and overcome key resistance levels. The first area to watch is $1,180–$1,250, where holding support could establish a base for a potential recovery.
The next step for bulls is to establish consolidation around this support range before reclaiming the $1,320–$1,380 resistance zone. A sustained move above this area would strengthen the recovery scenario and indicate that buyers are gradually regaining control of price action.
If ZEC clears the initial resistance, the $1,435–$1,500 range could become the next upside target. Further gains could bring the previous highs around $1,600–$1,680 into focus, making this zone a key test for the continuation of the recovery.
A breakout above the previous highs, followed by a successful retest of that range as support, could open the way toward the $2,000 target. However, the bullish outlook depends on ZEC maintaining its current price base. A drop below $1,090 would invalidate the outlined setup and weaken the recovery scenario.
Whale Withdraws $31.93 Million in ZEC From Binance and Kraken
The data from Onchain Lens shows that a crypto whale withdrew 26,070 ZEC worth approximately $31.93 million from Binance and Kraken within minutes, marking a significant movement of funds involving the privacy-focused cryptocurrency.
Binance accounted for the larger share, with 17,770 ZEC valued at $21.76 million withdrawn from the exchange. Kraken recorded an additional withdrawal of 8,300 ZEC worth approximately $10.17 million.
The withdrawals moved a substantial amount of ZEC away from centralized exchanges. However, the transactions alone do not confirm the whale’s intentions or establish whether the accumulation signals expectations of a price increase.
