Zcash (ZEC) is attracting market attention after Lookonchain reported that a wallet linked to Tornado Cash transferred 1,670 ETH worth approximately $3.73 million to Hyperliquid and sold the tokens to purchase 2,959 ZEC. The transaction comes as the ZEC price holds above the $1,000 buying zone highlighted by crypto analyst BitGuru. The analyst sees a potential bullish reversal, with $1,500–$1,650 as possible upside targets.
Tornado Cash-Linked Wallet Converts $3.73M in ETH Into ZEC
According to blockchain analytics platform Lookonchain, a wallet associated with Tornado Cash deposited 1,670 ETH, worth approximately $3.73 million, into Hyperliquid over 20 hours. The wallet subsequently sold the Ethereum and used the proceeds to purchase 2,959 ZEC, completing a substantial conversion into the privacy-focused cryptocurrency.
Source: Lookonchain’s X Post
The transaction has attracted attention because of its size and the movement of capital from Ethereum into Zcash. However, the wallet’s connection to a specific hacking incident has not been independently established. The transaction also does not confirm the buyer’s intentions or establish a broader accumulation trend.
Also Read: Zcash Whale Accumulates $31.93M as ZEC Price Outlook Draws Attention
Large ZEC Purchase Draws Market Attention
The reported conversion has placed Zcash’s market activity under closer observation. Moving approximately $3.73 million from ETH into ZEC represents a notable individual transaction. It also highlights activity involving privacy-focused cryptocurrencies as traders monitor capital movements across the digital asset market.
Market participants may watch whether additional large wallets make similar purchases. Trading volume, exchange activity, and further on-chain transactions could help determine whether ZEC demand is expanding. However, one transaction alone cannot confirm sustained accumulation or a broader shift toward privacy-focused assets.
ZEC Price Holds Support as Reversal Pattern Develops
From a technical perspective, BitGuru has identified a potentially bullish structure on ZEC’s daily chart. The analyst highlighted the $1,000 region as an important buying zone, noting that the asset continues to hold above this level. Maintaining support could help preserve the developing reversal pattern.
Source: BitGuru’s X Post
Continued buying pressure would be important for strengthening this structure. However, a sustained move below $1,000 could weaken the bullish outlook and expose ZEC to further downside. The available analysis does not provide specific RSI, MACD, or moving-average readings to confirm additional technical strength.
BitGuru Identifies $1,500–$1,650 as Potential ZEC Targets
Crypto analyst BitGuru sees further upside potential for Zcash if buyers continue defending the current support structure. According to the analyst, the daily chart shows a bullish formation while ZEC maintains its position above the $1,000 buying zone. This structure could support another upward move.
BitGuru identified $1,500 as an initial upside target, followed by $1,650. However, these levels remain conditional projections rather than confirmed price expectations. ZEC would need sustained buying interest and stronger upward momentum to approach them. A breakdown below support could invalidate this bullish scenario.
What Comes Next for ZEC?
ZEC’s next move will depend on whether buyers maintain control above the $1,000 support zone. Traders will also monitor additional large-wallet transactions and changes in trading volume to assess whether the recent purchase reflects broader demand. Further accumulation could strengthen market interest.
The $1,500 level remains an important upside reference in BitGuru’s analysis, with $1,650 representing the higher target. However, reaching these levels will depend on sustained buying pressure. For now, the wallet transaction provides an interesting development, while the technical structure presents a conditional bullish outlook.
Also Read: Zcash Introduces Quantum-Recoverable Shielded Notes as ZEC Price Targets Rally
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
