Zcash remains supported by idiosyncratic catalysts, but macro headwinds limit further gains. What's next?

<p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; line-height: 104%; font-size: 15px;">FUNDAMENTAL OVERVIEW</p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; line-height: 104%; font-size: 15px;"> </p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;"> </p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; line-height: 103%; font-size: 15px;">Zcash has been supported into new highs by several idiosyncratic catalysts like the European asset manager 21shares launching the first European ETP tied to Zcash or Paradigm’s, a firm with $12 billion dollars in assets under management, investment in Zcash and its ecosystem.</p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; line-height: 103%; font-size: 15px;">Moreover, Grayscale's Zcash ETF (ZCSH) underwent a 3-for-1 share split, with split-adjusted trading beginning tomorrow. This is going to reduce the share price and could attract more retail demand.</p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;">On the macro side, the crypto market has come under pressure recently due to renewed US-Iran tensions. The negative sentiment started last Wednesday when Trump poured cold water on expectations of an earlier end to the Iran war by reiterating that the US would make a deal with Tehran after the midterm elections. </p><p class="MsoNormal" style="margin: 0 0 11px; line-height: 106%; font-family: Aptos, sans-serif; font-size: 15px;">Heading into the weekend though, the hopes for a US-Iran deal returned after Iran sent a proposal to reopen the Strait of Hormuz within seven days on certain conditions. Unfortunately, <a href="https://www.wsj.com/world/middle-east/trump-rejects-iran-ceasefire-expects-renewed-bombing-after-midterms-5982ee50" rel="follow" style="color: rgba(70, 120, 134, 1); text-decoration: underline;">Trump rejected the proposal on Saturday and told reporters that he expected to resume bombing Iran after the midterms</a>. </p><p class="MsoNormal" style="margin: 0 0 11px; line-height: 106%; font-family: Aptos, sans-serif; font-size: 15px;">Yesterday, we started to get some tentatively positive headlines during the American session pointing to possible US concessions. <a href="https://www.axios.com/2026/09/28/trump-iran-war-sanctions-blockade-nuclear" rel="follow" style="color: rgba(70, 120, 134, 1); text-decoration: underline;">According to Axios</a>, Trump reportedly offered Iran sanctions relief and access to frozen funds in exchange for progress on nuclear program, although the US President later denied such reports. </p><p class="MsoNormal" style="margin: 0 0 11px; line-height: 106%; font-family: Aptos, sans-serif; font-size: 15px;">He did confirm though that the American and Iranian negotiators are engaged in talks through mediators. Iranian Foreign Minister Araghchi said he expected a formal answer today to Tehran's proposal to reopen the Strait of Hormuz. </p><p class="MsoNormal" style="margin: 0 0 11px; line-height: 106%; font-family: Aptos, sans-serif; font-size: 15px;">In the bigger picture, the focus will remain on the Middle East and the Fed. A breakthrough would be positive for Zcash as the aggressive rate Fed hike bets will likely get pared back. A negative outcome, on the other hand, will likely continue to put a lid on further Zcash gains.</p><p class="MsoNormal" style="margin: 0 0 11px; line-height: 106%; font-family: Aptos, sans-serif; font-size: 15px;"> </p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;"> </p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; line-height: 104%; font-size: 15px;">ZCASH TECHNICAL ANALYSIS – DAILY TIMEFRAME</p><p></p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;">On the daily chart, we can see that <a href="https://www.tradingview.com/symbols/ZECUSD/" rel="follow" style="color: rgba(70, 120, 134, 1); text-decoration: underline;">Zcash</a>eventually pulled back into the major upward trendline where we got a rejection. The buyers will continue to step in around the trendline, with a defined risk below it, to keep targeting new highs. The sellers, on the other hand, will want to see the price breaking lower to pile in for a drop into the 1,031 level next.</p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; line-height: 104%; font-size: 15px;">ZCASH TECHNICAL ANALYSIS – 4 HOUR TIMEFRAME</p><p></p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;">On the 4 hour chart, we have an important zone around the 1,440 level where the price got rejected from several times in the past weeks. As long as the price stays below the zone, we can expect the sellers to remain in control and keep targeting a break below the trendline. The buyers, on the other hand, will want to see the price rising back above the zone to start piling in for a rally into 1,800 level next.</p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; line-height: 104%; font-size: 15px;">ZCASH TECHNICAL ANALYSIS – 1 HOUR TIMEFRAME</p><p></p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;">On the 1 hour chart, we have a downward trendline defining the recent pullback into the major upward trendline. If we get a move into the trendline, we can expect the sellers to lean on it, with a defined risk above it, to target a break below the major upward trendline. The buyers, on the other hand, will look for a break higher to increase the bullish bets into new highs.</p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; line-height: 104%; font-size: 15px;">UPCOMING CATALYSTS</p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; line-height: 103%; font-size: 15px;"><a href="https://investinglive.com/EconomicCalendar" rel="follow">Today</a>, we get the US Consumer Confidence report and the US Job Openings data. Tomorrow, we have the US ADP and the US PCE price index. On Thursday, we get the US ISM Manufacturing PMI and the latest US Jobless Claims figures. On Friday, we conclude the week with the US NFP report. The focus, though, will remain on US-Iran developments.</p> This article was written by Giuseppe Dellamotta at investinglive.com.