ZEC Price Faces $740 Risk as ETF Outflows Hit and Developer Growth Continues
ZEC price is facing another uncomfortable test after falling below $1,000 in November. The latest decline has raised concerns about whether Zcash can defend its broader bullish structure, particularly as the token retests its 20-week EMA band. Interestingly, this isn’t the first time ZEC has experienced a brutal correction after reaching new highs. Its history suggests investors shouldn’t dismiss another 75% drawdown scenario.
ZEC Price History Reveals a Familiar 75% Pattern
The previous market structure offers some uncomfortable comparisons. Since 2021, ZEC had traded inside a descending triangle, repeatedly testing the $95-$100 support zone. Expectations of a breakout increased during the first half of 2022. Instead, the structure broke down.
What followed was an unusually long consolidation stretching from the second half of 2022 through the first half of 2025.
Then came the turnaround. ZEC reached an all-time high of $740 in the second half of 2025 before profit-taking triggered a correction exceeding 75%, eventually bringing prices toward $200.
During Q1 2026, another descending triangle emerged. This time, the breakout worked. By the end of Q3 2026, ZEC had established a new all-time high of $1,695. Now, November’s decline has pushed the token below $1,000 again.
Could ZEC Repeat Its Previous Market Corrections?
The current correction stands approximately 41% below the latest all-time high. Despite the decline, the broader uptrend remains intact, with price hovering around the 20-week EMA band.
However, historical comparisons aren’t particularly comforting. ZEC previously dropped from $380 to $95 in 2021 and from $740 to $200 in 2025. Both corrections represented declines approaching 75%.
If selling pressure continues, $740 and $550 emerge as potential support areas. A deeper breakdown could expose the $400-$440 region, representing another substantial correction from the latest peak. These are potential downside scenarios, not confirmed price targets.
Zcash ETF Outflows Add Pressure During November
Institutional flows aren’t helping the immediate picture. US spot Zcash ETFs recorded $14.61 million in outflows on November 11, their largest daily withdrawal since October 15, according to SoSoValue data.
Funds experienced withdrawals on six of the last nine trading days. November’s net outflows consequently reached $29.78 million, while total net assets declined to $562.16 million, their lowest level since September 4.
The reversal is notable because late October delivered the strongest weekly inflows since mid-September.
Developer Growth Offers One Important Counterargument
Here’s where the bearish price action gets interesting. Grayscale research indicates Zcash’s monthly active developer count has roughly doubled over two years, even as the broader cryptocurrency developer population declined.
Approximately 70% of active Zcash developers have more than one year of crypto experience, compared with 58% across the wider industry.
Grayscale believes this development momentum could eventually support ZEC’s valuation. However, the market hasn’t rewarded that progress yet.
For now, ZEC price faces competing signals: weakening ETF flows, a substantial correction, and improving developer participation. Whether the 20-week EMA holds could become particularly important. If selling accelerates, the historical 75% correction pattern makes $740, $550, and potentially $400-$440 levels worth watching.