Zcash Bulls Eye $920 as ZEC Consolidates Near Multi-Year High

Zcash (ZEC) has been consolidating near its multi-year high after a sharp August rally. The cryptocurrency's price has climbed from around $500 earlier this month to above $850, marking one of its strongest advances in recent years.

The move coincided with growing attention around Grayscale's planned Zcash exchange-traded fund (ETF), which is expected to begin trading on NYSE Arca around August 25, subject to regulatory approvals. The ETF has added another potential source of demand for the token, although the proposed purchase from a Digital Currency Group subsidiary is nonbinding.

A bullish triangle forming on the short-term ZEC price chart has put $920 and $1,080 on the radar as potential upside levels if buyers secure a decisive breakout. The technical setup comes after ZEC maintained resilient price action over the weekend, holding near recent highs following a sharp rally.