There’s a lot going on beneath the surface in ZEC’s recent price action—the on-chain data and candlestick charts are telling an intriguing story.

**Whales Are Quietly Positioning**

A major transaction was recently detected: during the “1011” market panic, a whale accumulated over 18,000 ZEC in batches, worth nearly $4.5 million. Interestingly, five weeks later, the entire stash was transferred to the Gemini exchange. This is a classic play—building a position at low prices, then moving to an exchange to prepare for cashing out. If sold at the peak, this operation could net a profit of $6.6 million. Big money often has sharper instincts than retail traders, so their moves are worth studying.

**Technical Indicators Sending Mixed Signals**

Looking at the four-hour chart, ZEC remains in an upward channel, but the details reveal a tense tug-of-war between bulls and bears:

Key resistance levels are at 422 (the first hurdle intraday) and 548 (recent retracement high); support zones are at 256 (short-term defense) and 175 (strong rebound base). The MACD has just formed a bullish crossover below the zero line, which usually signals a rebound is starting. However, both the RSI and MFI are now in overbought territory, suggesting a short-term pullback might cool things off.

In plain English: the uptrend is intact, but it won’t be a straight shot up—there’s a good chance of a shakeout along the way.

**Predicament for 340 Short Sellers**

If you opened a short position around 340, you’re probably stuck right now. This isn’t the time to blindly add to your position or panic-sell at a loss. A more rational approach is to watch for a dip back to the 300-320 range for an exit opportunity, or set a stop-loss 5-8% above the current price to avoid being squeezed out by a sudden surge. The market is never one-way, but risk management should always come first.