Liquid Staked Ethereum

<p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;">Zcash has sold off sharply on Tuesday following the hawkish repricing triggered by <a href="https://investinglive.com/central-banks/fed-s-waller-says-a-half-point-rate-hike-in-december-may-be-needed-if-core-cpi-comes-in-hot/" rel="follow" style="color: rgba(70, 120, 134, 1); text-decoration: underline;">Fed governor Waller’s remarks</a> and the <a href="https://investinglive.com/news/us-october-core-cpi-vs-0-2-expected/" rel="follow" style="color: rgba(70, 120, 134, 1); text-decoration: underline;">hot US CPI</a> that weighed on the crypto market.</p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;">As a reminder, Fed’s Waller not only said he would support a rate hike in December regardless of the inflation data but also raised the possibility of a larger 50 bps move if October’s inflation data came in hotter than expected.</p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;">Sure enough, the US CPI data came in above expectations, increasing the probability of a 50 bps hike. Following the release, Fed's Hammack also opened the door for a larger rate increase. Traders are currently pricing in just a 12% probability of a 50 bps hike, but those odds could increase if more Fed officials endorse such a move or refrain from pushing back against the possibility.</p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;">On the US-Iran front, the negotiations are still in a stalemate. The WSJ reported yesterday that US Vice President Vance is considering holding face-to-face talks with a senior Iranian security official in an attempt to bring the conflict to an end.</p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;">However, separate reports suggested that senior Iranian officials believe the US is preparing either further military strikes or tighter economic pressure. There is still significant mistrust between the two sides, reinforcing the view that a diplomatic breakthrough may not be as close as markets had initially expected.</p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;">Looking ahead, Zcash is likely to remain under pressure amid the negative macro backdrop, with hawkish Fed expectations and geopolitical uncertainty limiting upside momentum. A more dovish Fedspeak or a breakthrough in US-Iran negotiations, on the other hand, could improve risk sentiment and trigger a relief rally in the crypto market.</p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;"> </p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; line-height: 104%; font-size: 15px;">ZCASH TECHNICAL ANALYSIS – DAILY TIMEFRAME</p><p></p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;">On the daily chart, we can see that <a href="https://www.tradingview.com/symbols/ZECUSD/" rel="follow" style="color: rgba(70, 120, 134, 1); text-decoration: underline;">Zcash</a>broke below the key 1,031 level recently, opening the door for a move into the major upward trendline around the 800 level. If the price gets there, we can expect the buyers to step in, with a defined risk blow the trendline, to position for a rally into the 2,000 level, with the 1,031 level as the first target. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the 500 level next.</p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; line-height: 104%; font-size: 15px;">ZCASH TECHNICAL ANALYSIS – 4 HOUR TIMEFRAME</p><p></p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;">On the 4 hour chart, we have a downward trendline defining the bearish momentum. If we get a pullback, we can expect the sellers to lean on the trendline, with a defined risk above it, to keep targeting the major upward trendline. The buyers, on the other hand, will look for a break higher to pile in for a rally into the 1,380 resistance next.</p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; line-height: 104%; font-size: 15px;">ZCASH TECHNICAL ANALYSIS – 1 HOUR TIMEFRAME</p><p></p><p>On the 1 hour chart, there’s not much we can add here as the sellers will have a better risk to reward setup around the trendline, while the buyers will need a breakout to pile in for a rally into the 1,380 resistance. The red lines define the <a href="https://investinglive.com/Education/trading-tip-know-the-average-daily-range-adr-20220207/" rel="follow" style="color: rgba(70, 120, 134, 1); text-decoration: underline;">average daily range</a> for today.</p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; line-height: 104%; font-size: 15px;">UPCOMING CATALYSTS</p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; line-height: 103%; font-size: 15px;"><a href="https://investinglive.com/EconomicCalendar" rel="follow" style="color: rgba(70, 120, 134, 1); text-decoration: underline;">Today</a> we get the latest US Jobless Claims figures. Tomorrow, we conclude the week with the US PPI data.  </p> This article was written by Giuseppe Dellamotta at investinglive.com.