Zcash (ZEC) is holding a bullish technical structure as buyers defend a key support zone, keeping the possibility of further gains in focus. Meanwhile, a suspected hacker’s reported shift from Ethereum into ZEC has drawn attention to unusual onchain activity and renewed interest in the privacy-focused cryptocurrency.
As of now, according to CoinMarketCap data, ZEC is trading at $1,217.17, down 3.92% over the past 24 hours and 3.5% over the past week.
ZEC Eyes $1,650 as Buyers Defend $1,000 Support
According to crypto analyst Bitguru, Zcash is displaying a constructive bullish setup on the daily chart, with buyers continuing to defend the key $1,000 support zone. Price stability around this level suggests that selling pressure may be easing, while the chart structure points to a possible bullish reversal.
The analyst suggests that ZEC could be preparing for another upward move if the current support holds. Maintaining prices above $1,000 would preserve the developing bullish structure and potentially give buyers the confidence to target higher resistance levels.
If buying momentum strengthens, the next upside targets lie between $1,500 and $1,650. However, reaching this range depends on ZEC holding its support and confirming the reversal pattern. A sustained break below $1,000 could weaken the bullish outlook and delay a potential recovery.
Suspected Hacker Converts $3.73M in ETH Into Zcash
The blockchain analytics platform Lookonchain has reported a transaction involving a suspected hacker who appears to be shifting funds from Ethereum into Zcash. The reported activity points to a change in the wallet’s asset holdings, with the address reducing its ETH exposure while increasing its position in the privacy-focused cryptocurrency.
Lookonchain reported that the wallet moved 1,670 ETH, worth approximately $3.73 million, from Tornado Cash-related funds to Hyperliquid over a 20-hour period. The Ethereum was then sold to acquire 2,959 ZEC, with the total purchase valued at roughly the same amount.
The transaction suggests that the address exchanged its deposited Ethereum holdings for Zcash rather than retaining the original ETH position. The purchase has attracted attention because Zcash offers privacy-focused transaction features, making large acquisitions involving the cryptocurrency noteworthy for onchain monitoring.
However, the available transaction data does not independently confirm the wallet owner’s identity or explain the reason behind the ZEC purchase.
