$ZEC This recent surge is not without reason.

A piece of news that ZEC spot will receive ETF approval has driven market interest. The upgrade in cybersecurity, along with an increasing ratio of shielded transactions versus transparent transactions, shows that users’ adoption of privacy features has gone beyond speculative trading—this is essentially a narrative-driven catalyst.
Currently, ZEC is in a divergence phase before the expected outcome is realized. The long-short ratio is nearly 500%, and almost all longs are in profit. Since there are no shorts stepping in to take the other side, longs are profitable but still can’t close their positions. After the sideways consolidation, the price will continue to rise—this will lure shorts in one after another—so that longs can distribute in batches and balance the long-short ratio.
So Brother Jiang’s short-term idea right now is: don’t chase longs—wait for a pullback.
ZEC will continue to rise afterward, but there are large sell-short orders around $400, so you can consider opening a light short position near $400. If it pulls back to below $360, then consider a low-buy for a rebound.
For the medium term, it depends on whether the ETF has made tangible progress, and whether the privacy narrative’s popularity has been driven up.
If both of these hold true, it could bring a wave of trend-following action—but before that, the sideways range and shakeout are an inevitable path.