Ethereum prices are starting to weaken again as Bitcoin fails to break over an important resistance. On-chain metrics and fundamentals for the ETH network are still looking positive, however.

On-chain market analysis provider Glassnode has delved into addresses on the Ethereum network, identifying a bullish trend. There are now 40 million ETH addresses holding a piece of the digital asset.

It was also noted that this is an increase of 350% since the Ethereum price peak in early 2018. The metrics are a testament to Ethereum’s network growth, increased adoption, and usage.

ETH Address/Price Chart Courtesy of Glassnode

Unfortunately for investors, this metric has not been reflected in the price, and as the chart shows, ETH has traded relatively flat for the past 18 months.

Weiss crypto ratings also observed the positive metrics for Ethereum, noting in a recent tweet that it is ahead of both BTC and XRP.

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Bitcoin has 140 times more daily active addresses than XRP, but has fewer addresses with a positive balance in them than ETH. ETH actually has better user numbers than BTC on several key metrics, and XRP has been falling behind both.

These network health indicators are likely to continue to improve as Ethereum adoption grows — so it’s likely only a matter of time before the price begins to catch up.