Looking at the recent trend of ZEC, the downward pressure is quite apparent. On the four-hour chart, the highs have gradually retreated from around 457, with continuous Bearish line bodies constantly pushing prices lower. The middle band of the Bollinger Bands has already been breached, and the overall trend is still dominated by short positions.

Although there have been several shadow lines testing rebounds near 410, each rebound appears to be quite weak—trading volume is not keeping up, and the height of the rebounds is limited, looking more like a weak technical buffer rather than a real reversal.

It becomes clearer when we shift to the hourly level. It is currently oscillating repeatedly at the position of 415, with some support temporarily below, but the resistance at 420 above has yet to be broken. This situation is actually a typical consolidation pattern after a fall, showing clear characteristics of consolidation, and no reversal signals have appeared yet.

From a trading perspective, the range of 420-425 can be considered for short positions, with the first target aimed at 410. If 410 cannot hold, the true support level is around 400.