$1,698 Peak in Focus: Zcash Price Forecast as ZEC Stages Bullish Reversal on NU7 Upgrade

• $1,250 remains below Zcash’s trading level on Wednesday. The previous day’s 9% jump points to a bullish reversal.
• Over $1 million flowed into the Zcash ETF on Tuesday. Following Monday’s $10 million outflow, the inflows suggest selling pressure has eased.
• November 6 is the scheduled date for Zcash’s final NU7 mainnet activation, which will cut block confirmation time to 25 seconds.

$1,200 remains below Zcash (ZEC) on Wednesday. Signs of a bullish recovery follow the previous day’s 9% rebound, linked to the forthcoming NU7 upgrade. A report for Zcash holders published by Blockworks on Tuesday highlighted steady network growth. ZEC’s technical outlook remains bullish, with buyers targeting a further advance towards $1,698.

November 6 NU7 upgrade approaches as institutional selling eases

November 6 at 00:50 GMT is the scheduled time for the final mainnet activation of NU7, following the decision announced by Zcash Open Development Lab. The upgrade will shorten block confirmation time from 75 seconds to 25 seconds, improving transaction speed by 3x. It will also retire the legacy v4 transaction pool, suspending the ZEC tokens held in the Sprout shielded pool. A new Network Sustainability Mechanism (NSM) will allocate 60% of fees to the NSM Value Balance, with the remainder going to miners.

After three consecutive weeks of heavy selling, institutional investors remain under pressure. However, SoSoValue figures show that Bitwise’s ZEC-focused exchange-traded fund (ETF) attracted $1.61 million on Tuesday, signalling a positive near-term shift from Monday’s $10.45 million in outflows. Total weekly outflows have fallen sharply, from $93.56 million in early October to $19.15 million last week. The trend suggests institutional investors are reducing their selling pressure.

Network activity, meanwhile, has strengthened. Blockworks figures show transactions increased 21% over the last three months to roughly 710,000, with non-shielded transactions accounting for over half. The network’s Real Economic Value (REV) also increased by almost 85% to $204,000.

$1,700 in focus: Zcash’s technical rally outlook

$1,260 is Zcash’s price at press time on Wednesday, with the near-term bias remaining bullish. The four-hour chart places ZEC above its 50- and 200-period Exponential Moving Averages (EMAs), at $1,181 and $1,230 respectively.

The previous day’s 9% recovery took Zcash through its descending resistance trendline. Now providing support around $1,183, that line reinforces the bullish price structure. The next test is the $1,296 horizontal level established by the September 9 high. A confirmed break above it could carry the rally towards the September 26 peak of $1,698.

Buying pressure appears sustained rather than exhausted: the four-hour Relative Strength Index (RSI) stands near 65, and the Moving Average Convergence Divergence (MACD) line maintains a positive upward trajectory.

If prices fall, the first support level is the 200-period EMA at $1,230. Below that lies a structural support zone combining the former resistance trendline breakout near $1,183 and the 50-period EMA at $1,181.

(The technical analysis of this story was written with the help of an AI tool. Know more.)