Dissolve Animation with ImageReady
1. Launch ImageReady and open two (preferably same sized) images to be animated.


2. Drag one image on other to get the below layer structure.

3. Open the animation window. Go to Window > Animation and hit the top right arrow in the Animation window. Then choose Make Frames from Layers.
4. In the animation palette select first frame and tween it with the next frame for opacity. Hit the arrow marked with red in the followed image and choose Tween…
5. Select the last frame and tween it with the first frame for opacity. You should obtain something similar with this:

6. Set the timing for every frame (hit the arrow bellow every frame and select the time) and also set the number of time you want to play the animation (select Forever).
7. Check the performance in the browser: File > Preview In
Here is the animation:


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