ZEC is currently in an interesting position — it has rebound momentum but also faces overall downward pressure. This market trend can be viewed from two perspectives.

**If bullish**, the entry point is suitable in the range of 365 to 370 USDT. After rebounding from the low of 330.75, the price needs to undergo a technical correction, and based on the position data, the bulls are relatively stronger. The key is whether it can hold above 370 — if it does, the rebound momentum is basically confirmed. Place the stop-loss at 358 USDT, which is an important recent support level; a break below indicates the rebound has failed. Looking upward, 390 USDT is the first significant resistance, followed by 420 USDT above.

**Conversely, the bearish logic** suggests that the entry opportunity is around 390 to 400 USDT. The overall trend remains downward, with clear resistance from moving averages above, and the proportion of whale and trader short positions with unrealized profits is higher. Funding rates are still negative, indicating that bearish sentiment is accumulating. Once the price encounters resistance at this high level, it’s a good opportunity to establish short positions. Set the stop-loss at 410 USDT, as breaking above the MA(25) moving average risks a trend reversal. The support level below is at 360 USDT, with a target around 330 USDT.

The core point is: there is a short-term rebound opportunity, but the larger framework remains bearish. The choice mainly depends on your risk assessment.