The Impact of Global Financial Market Movements on Ethereum Prices: An Empirical Study 2021-2024

Faturrachman Agung Satrio (Bangka Belitung University)
Muhammad Febrian Arifin (Bangka Belitung University)
Willa Fatika Sari (Bangka Belitung University)

Jurnal Penelitian dan Pengabdian Masyarakat
Vol. 4 No. 3 (2026): August 2026

This study analyzes the influence of Bitcoin prices, the S&P 500 index, and gold prices on Ethereum prices during the 2021–2024 period. The method used was a quantitative approach with multiple linear regression. The results show that Bitcoin prices have a significant influence on Ethereum (β = 0.036; t = 5.746; sig. 0.000), while the S&P 500 index (β = –0.194; sig. 0.600) and gold prices (β = 1.548; sig. 0.210) do not. The simultaneous test yielded an F-value of 21.617 with a sig. 0.000, indicating that all three variables jointly influence Ethereum. The R² value of 0.890 indicates that 89% of Ethereum's price changes can be explained by these three variables. These findings confirm that Ethereum's movements are more influenced by Bitcoin than other global market instruments.