Zcash ETP Launch Sends ZEC Price into Correction Mode

The launch of DeFi Technologies Inc.'s ZCash exchange-traded product (ETP) on Sweden's Spotlight Stock Market is giving European investors a regulated way to own exposure to ZEC crypto.

This development comes after 21Shares announced the launch of Europe's first physically backed Zcash ETP on both Euronext Paris and Amsterdam, and the Grayscale ZCash ETF (ZCSH) reached $1 billion in assets under management.

The price action for ZEC crypto has been firmly bullish on the weekly chart, with highs not seen in six years. However, its momentum has cooled in recent weeks around the $1,600 mark, and a drop below $1,427 suggests a deeper retracement is possible.

A Fibonacci retracement analysis draws attention to $1,182 and $1,292 as points of interest for a bullish recovery. A drop below $1,041 would flip the structure bearishly on this timeframe.