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.
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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.
Usman Zafar is a News Desk writer at Tronweekly with over five years of experience in cryptocurrency and blockchain journalism. He covers Bitcoin, Ethereum, DeFi, crypto laws and regulation, market activity, Layer 2 scaling solutions, and blockchain-based innovations, focusing on fast-moving developments and official industry updates. Usman previously wrote for BTCread and follows strict verification and editing practices to ensure accurate, timely, and responsible crypto news for a global audience.
