If you are watching ZEC's 4-hour candlestick chart, you probably only have one feeling in your heart — it still needs to fall.

In the past 24 hours, ZEC has fallen 3.6%, with the price reaching around $521, and now it has slipped further to $517.64, with a low touching $502.60.
From a technical perspective, those moving averages also clearly look pessimistic: MA7 is pressing down at $528, MA25 at $550, and MA99 is towering at $577, a typical bearish alignment.
Although the MACD's DIF and DEA are sticking together, overall it remains below the zero line, showing no signs of a decent rebound.
But these technical indicators are just surface appearances.
To truly understand why ZEC can't hold up, we need to go back to the source of this market trend — the mining machine manufacturers.
This rally, frankly, was created by miners to sell their machines.
New mining machines need to be shipped out; how can the market be hot without demand?
They boost the price, create hype, and those wanting to buy mining machines naturally get excited.
Now that most of the machines that should be sold are sold, and the profits are secured, what reason do the big players have to keep supporting the market?
Supporting the price costs money, and mining machine manufacturers are never in the business of charity.
Once the machines are sold, the task is done, and the remaining market can play on its own.
So what you see now is the current situation — prices slowly drifting downward, retail investors still watching the news for a reversal, but whether it's whales increasing their holdings or clearer regulations, all seem somewhat pale in comparison at this stage.
The SEC's investigation into the Zcash Foundation ended without results, which is actually good — institutional interest might gradually come in.
Zebra node client 4.5.0 also fixed vulnerabilities and added mining-blocking features.
Including rumors that whales are increasing their holdings and exchange balances are decreasing — all sound plausible.
But compared to the mining machines' inventory, these positives are just small potatoes.
The price repeatedly hits resistance levels, and capital outflows are concentrated.
The community is arguing fiercely — some see this as a golden pit, others think the decline has just begun.
Disagreements aside, the market won't lie — without increased capital inflow and without big players willing to support, the 4-hour candlestick can only look for support downward.
What’s next? Honestly, until the mining machine sellers fully digest their profits, every rebound might just be a brief pause.
If you ask me, my judgment is simple: it still needs to fall.
Those trapped, unwilling to give up, hoping to break even — once they lose patience, the market might truly bottom out.
Don’t rush to call a bottom now. Let the candlesticks fly a little longer. $ZEC ‌#股票交易挑战最高赢17000U