ZEC Whale Buys $13.65M Amid Technical Conditions for $1,500 Target

Zcash (ZEC) has rebounded due to whale purchases, spot market buying pressure, and improved mining profitability, though whether it reaches $1,500 depends on technical conditions. An analysis reported that a whale bought approximately 12,870 ZEC across Binance, OKX, Kraken, and Gate over the past week before moving it to a new wallet, totaling about $13.65 million (approximately 18.4 billion KRW). The transaction was reported by AMBCrypto, though independent on-chain verification has not been confirmed. This aligns with earlier reports of a whale's $13.65 million transfer to a new wallet, though it remains unclear if the wallet sold or made additional purchases afterward.

Spot market activity was cited as another factor supporting strength, with AMBCrypto noting that the Spot Taker CVD indicated aggressive spot buying pressure. The indicator compares the strength of active buyers and sellers based on market orders. However, the raw data and reference time for the metric were not publicly verifiable. After rebounding, ZEC prices adjusted downward; OKX data shows it peaked at $1,298 intraday on September 9 but closed at $1,138.32 on September 14, a drop of about 12.3% from the high.

Key technical levels were cited as $1,295–$1,298, with a breakout above this range suggesting potential for further gains toward $1,500, though this is conditional on chart patterns. Conversely, if support at $1,054.72 breaks, the current Elliott wave interpretation could weaken. Reaching $1,500 remains a conditional scenario dependent on breaking resistance and maintaining support, not a confirmed price target.

Mining metrics were also cited as part of ZEC's strength narrative. Grayscale Research reported that daily mining rewards for ZEC miners amounted to approximately $2 million (about 27 billion KRW), compared to Bitcoin (BTC) miners' $35 million daily rewards ($470 billion KRW). While total network rewards are higher for BTC, per-unit equipment and per-megawatt-hour profitability for ZEC is roughly double and four times that of Bitcoin, respectively. Grayscale noted that ZEC mining activity has increased by over 2.5x this year.

Miners' daily rewards reflect their profitability in providing computational power to the network. Profitability metrics based on per-unit equipment or energy usage can differ from total network reward figures and should not be equated directly. Grayscale's post received mixed reactions, with some users positively noting ZEC mining profitability and network security, while others argued that direct comparisons between Bitcoin and ZEC are inappropriate. These responses reflect social media user opinions, not official institutional forecasts, so the mining profitability data does not guarantee a price increase for ZEC.

Key points for domestic investors to monitor include further movement of whale wallets and sustained spot buying pressure. For the $1,500 analysis scenario to hold, both a breakout above $1,295–$1,298 resistance and maintenance of support at $1,054.72 must be confirmed.