Ethereum (ETH)-based Exchange-Traded Funds (ETFs) can have some significant influence on cryptocurrency markets. Here are some of the main influences:

1. **Increased Liquidity**: ETH-based ETFs tend to increase ETH market liquidity by allowing easier access for institutional and retail investors. This can reduce volatility and make ETH prices more stable.

2. **Accessibility for Traditional Investors**: ETFs allow investors who typically invest in traditional markets, such as stocks, to gain exposure to ETH without needing to understand the ins and outs of cryptocurrency storage and security. This may increase participation and demand for ETH.

3. **Institutional Validation**: The launch of an ETH-based ETF can be considered a form of validation from regulators and financial institutions, which can increase investor confidence in cryptocurrencies. This could also attract the interest of large institutions that were previously hesitant to invest in crypto assets.

4. **Positive Price Effect**: With increasing demand for ETFs, the price of ETH may increase. ETFs tend to purchase large amounts of ETH to support their products, which can trigger price increases in the short to medium term.

5. **Portfolio Diversification**: ETH-based ETFs allow investors to diversify their portfolios by adding recognized crypto assets, which may appeal to investors seeking broader asset diversification.

6. **Regulatory Changes**: The existence of ETFs can also affect crypto market regulations. Regulators will likely focus more on investor protection and market transparency, which could result in policy changes that better support the development of the crypto market.

7. **Influence on Other Financial Products**: The presence of ETH ETFs can encourage the development of other financial products related to ETH, such as mutual funds or other derivative products, which in turn can expand the Ethereum ecosystem.