Market Overview for Zcash/Tether (ZECUSDT) on 2025-10-23

• Zcash/Tether declined 3.6% in 24 hours, with heavy bearish pressure after 18:00 ET.
• A key support zone formed around 230–235, but the asset may retest 225 if momentum continues.
• Volume spiked during the drop, confirming bearish control, but no clear reversal patterns emerged.
• RSI entered oversold territory, suggesting potential short-term bounce, though trend remains bearish.
• Bollinger Bands expanded during the selloff, indicating heightened volatility and potential consolidation ahead.

Zcash/Tether (ZECUSDT) opened at $261.09 on 2025-10-22 at 12:00 ET and closed at $238.55 one day later, reaching a high of $262.60 and a low of $226.07. Total volume reached 197,737.6 units, with a notional turnover of $49,298,802. The asset exhibited a bearish bias through most of the session, particularly after a sharp decline from 18:00 ET onward.

Structure & Formations

The 24-hour period showed a clear bearish structure with a descending triangle forming after 19:00 ET. A key support zone emerged around 230–235, with a series of lower highs and lower closes confirming bearish control. A long-bodied bearish candle at 230000 ET (closing at 228.19) and another at 000000 ET (closing at 238.62) suggested strong pressure from sellers. No immediate reversal patterns were confirmed, but a potential bullish pinocchio may develop if price retests the 230–235 zone with strong buying.

Moving Averages

On the 15-minute chart, the 20-period and 50-period EMAs both fell below the price by 19:00 ET, reinforcing the bearish bias. On the daily chart, the 50-day and 200-day SMAs were both above the current price, suggesting a larger downtrend may be in place. The 100-day SMA is close to 250, which could act as a dynamic resistance level on any recovery.

MACD & RSI

The MACD crossed below the signal line just after 18:00 ET, confirming the start of the bearish move. RSI dropped to 28 by 03:00 ET, entering oversold territory and hinting at a possible short-term bounce. However, the RSI divergence remains weak, as it did not create a double bottom formation during the consolidation phase. Momentum appears to be slowing, but a strong close above 245 would be needed to reestablish bullish momentum.

Bollinger Bands

Bollinger Bands expanded significantly during the selloff, with price hitting the lower band at 226.07. This suggests heightened volatility and potential for consolidation or a retracement. A retest of the lower band in the coming 24 hours would be critical for determining the strength of the support level.

Volume & Turnover

Volume surged during the 18:00–21:00 ET selloff, with the largest 15-minute candle at 18:00 ET printing 60,329.15 units traded. This aligns with the sharp drop from 253.0 to 241.89. Notional turnover also spiked during this period, confirming the bearish control. Price and turnover moved in tandem, indicating no divergence and reinforcing the strength of the sell-off.

Fibonacci Retracements

Using the recent swing from 226.07 to 262.60, the 61.8% retracement level is at 247.50, which has acted as a minor resistance so far. The 50% retracement is at 244.34, and the 38.2% is at 240.34. A close above 247.50 may trigger a larger rebound, but a break below 230 would confirm a more severe decline.

Backtest Hypothesis

For a potential backtest strategy, a bearish breakout strategy on the 15-minute chart could be tested using the descending triangle pattern identified in this period. The strategy would involve entering a short position when price breaks below the lower trendline of the triangle with strong volume confirmation. A stop-loss would be placed just above the triangle's resistance, and the first target would align with the 230–235 support zone. If successful, the strategy would be best applied during hours of high volatility, such as between 18:00 and 21:00 ET.