ZEC Holds $498 As Grayscale Seeks ETF Conversion After a 2,700% Yearly Rise

ZEC trades at $498.73 after a 2.0% daily decline, with support at $495.56 and resistance at $542.92.

Grayscale failed to convert its Zcash Trust into an ETF as ZEC shows a yearly gain of more than 2,700%.

Price remains below the $700 resistance, with chart zones marking potential moves toward $350 or the $200–$100 range.

Zcash recorded another active session after a major regulatory development drew attention to its recent price activity. Grayscale filed to convert its Zcash Trust into an exchange-traded fund while the asset posted a sharp rise earlier this year. However, the current session reflected a slight pullback as price action reacted to resistance levels. These movements placed several technical areas in focus as market participants monitored conditions around the $498.73 mark.

Price Holds Near Support After a Notable Decline

ZEC traded at $498.73 after a 2.0 percent decline in the last 24 hours. The session showed a narrow range with support near $495.56 and resistance at $542.92. This range formed after the price moved away from higher time-frame resistance close to $700. The chart displayed a rejection near that area, which pushed the asset back toward intermediate zones.

Additionally, the current candle remained inside a broader structure that developed through the recent surge. These movements highlighted the importance of the $495.56 support, as ZEC tested this zone multiple times. However, the price continued to trade above it, which kept the focus on this area through the session.

ZEC Surges Amid Momentum, Eyeing Key Support Zones Below Resistance

The filing from Grayscale entered the market as ZEC reported its strongest annual increase in several years. The asset gained more than 2,700 percent from its yearly low as buyers drove prices toward major resistance. This momentum preceded the rejection near the $700 area shown on long-term charts.

Furthermore, the chart indicates two important zones below the current price. The first zone is the fair value gap shown above the $350 region. The second is a larger demand area between $200 and $100. These zones remain visible because price previously moved through them with strong momentum. However, the chart now shows a potential return path if the asset stays under $700.

Key Levels Guide Observations Around Near-Term Activity

ZEC continued to trade between support at $495.56 and resistance at $542.92 during the session. This range created short-term boundaries for traders watching volatility around the recent filing. Additionally, the highlighted zones on the chart show where buying interest concentrated earlier in the year.

As the market monitored these levels, the recent decline placed more attention on the mid-range structure. This positioning connected the current movement with earlier responses near the larger support area shown between $200 and $100.