Zcash (ZEC) is drawing market attention after blockchain analytics platform Lookonchain reported that a wallet linked to Tornado Cash deposited 1,670 ETH — worth approximately $3.73 million — into Hyperliquid, sold the Ethereum, and used the proceeds to purchase 2,959 ZEC. The move comes as the ZEC price holds above the $1,000 buying zone highlighted by crypto analyst BitGuru, who 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 Lookonchain, the wallet associated with Tornado Cash deposited 1,670 ETH, worth approximately $3.73 million, into Hyperliquid — a decentralized trading platform — over a 20-hour period. Tornado Cash is an Ethereum-based mixing service that pools and redistributes deposits to obscure transaction trails; the U.S. Treasury sanctioned the protocol in August 2022, though it was later removed from the sanctions list in March 2025. The wallet subsequently sold the Ethereum and used the proceeds to buy 2,959 ZEC, completing a substantial conversion into the privacy-focused cryptocurrency. Launched in 2016, Zcash uses zero-knowledge proofs to enable shielded transactions in which the sender, receiver, and amount can be concealed, unlike the transparent, publicly visible ledgers of Bitcoin and Ethereum.

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, and the purchase does not confirm the buyer's intentions or establish a broader accumulation trend.

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, and it 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 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 Targets

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, a structure that could support another upward move.

BitGuru identified $1,500 as an initial upside target, followed by $1,650. These levels remain conditional projections rather than confirmed price expectations. ZEC would need sustained buying interest and stronger upward momentum to approach them, and a breakdown below support could invalidate the 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.

In BitGuru's analysis, the $1,500 level remains an important upside reference, 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.

This article contains market analysis and price projections. These are not guarantees. Crypto markets are volatile. Always do your own research (DYOR). This is not financial advice.

Source: Tron Weekly