## ZEC Technical Reversal Signals Appear, Large Holders Accumulating at Low Levels Worth Monitoring

**Latest Price Movements**

ZCash (ZEC) is currently priced at $387.40, with a 24-hour change of +0.77%, and a circulating market cap of $6.37B. Amid recent market volatility, this privacy coin's performance has attracted considerable attention.

**Technical Analysis: Positive Signals on the Four-Hour Chart**

From the four-hour chart, ZEC shows an overall upward trend, but the pace is not a straight line. Key technical levels to watch include:

**Resistance Levels**: The first intraday resistance is around 422; 548 is an important resistance zone during pullbacks.

**Support Levels**: 256 forms a short-term bottom support, while 175 is a strong rebound support zone.

Notably, the MACD indicator's yellow and white lines have formed a golden cross below the zero line, typically indicating growing rebound momentum. However, RSI and MFI are both in overbought territory, suggesting the market may experience a short-term correction before a sustained rally.

**Fundamental News: Changes in Large Holder Funds**

On-chain data shows that large holders accumulated over 18,000 ZEC during the early market downturn, amounting to approximately $4.5 million in position size. More interestingly, these positions have recently been transferred to the Gemini exchange. Such movements by large holders often indicate liquidity management or position adjustment intentions.

**Risks of Holding Short Positions**

Investors who established short positions around the $340 level should exercise caution:

**Light Position Strategy**: Consider moderately opening hedging positions near 422 to lower the average entry price, and gradually close positions around 256 to profit from oscillations.

**Heavy Position Risk Management**: Set stop-loss points above 548 to prevent potential liquidation risks from breakout scenarios.

**Multiple Technical Signals**

Pay close attention to the EMA indicator system. The 256-period EMA is at a critical level; a confirmed break above 423 typically signals a strengthening upward trend. The short-term 5-period EMA and 30-period EMA are already aligned upward, indicating a potential entry point. However, overbought conditions suggest traders should wait for pullbacks to low points before entering.

**Market Insights**

Market movements often start from disappointment and rise amid hesitation. Although ZEC's technical structure is currently positive, short-term volatility may increase. Investors should develop strategies based on their positions and risk tolerance to avoid being shaken out by short-term fluctuations.