ZEC's temperament is indeed quite peculiar: when prices are low, the market makers are enthusiastic; once it reaches a high, they immediately change their stance. Many participants have experienced the ups and downs of this cold and warm alternation.

From the 1-hour intraday trend, the current market signals are quite clear—the main force leans towards a bullish outlook, and the overall structure shows a pattern of "accumulation combined with oscillation."

However, caution is needed as there are already multiple short positions densely stacked above, which makes a straight upward surge unlikely in the near term. Instead, it may follow a "first oscillate, then surge, and then drop" pattern, with a tug-of-war between bulls and bears. Rigidly sticking to a one-sided mindset could lead to losses.

The key support zone below is between 384.53 and 391.27. This is the most important recent bottom support. If the price retraces here, and if it shows signs of stabilization, shrinking volume, a quick rebound, or repeatedly tests the lower boundary without breaking through, it usually indicates buying interest is coming in. Coupled with the previously mentioned "accumulation + oscillation" pattern, it generally signifies a shakeout and redistribution of holdings. But there's a critical point: if the price directly breaks below 391.27, especially if it decisively crosses below 384.53 and then faces a pullback that gets pushed back, the signal reverses—that's no longer accumulation, but a sign of chips leaving the market and weakening. Bulls should not force it; the market could then see a deep retracement.

The short-term resistance above is quite dense, with four main zones: 414.64–421.05, 430.28–438.71, 447.68–457.58, and 457.63–476.76. Each time the price advances to a new level, it is very likely to encounter distribution and sell-offs. The common pattern is: after initial support from below, the price rebounds and tests the 414.64 resistance... This layered pressure structure requires bulls to repeatedly gather strength before breaking through.