- Ethereum and Cardano had strong gains on July 2 as volume surged and developers pushed steady on-chain improvements.
- Cardano maintained the lead in development activity while Ethereum regained momentum, hitting 10-day highs.
- Consistent GitHub activity and bullish technical shifts supported Cardano’s and Ethereum’s breakout after a week of market stagnation.
According to Santiment data, Ethereum and Cardano posted strong gains on Wednesday supporting bullish momentum across the crypto market. Ethereum rose 5% to trade at $2,537.91, while Cardano surged 9%, hitting $0.590836. Both tokens reached 10-day highs. This rally followed a week of consolidation and a change in market sentiment. Development activity across both networks remained solid, playing a vital role in restoring investor confidence. Cardano held its position as a development leader, while Ethereum showed renewed traction after a brief slowdown.
Development Activity Fuels Momentum
Cardano maintained higher and steadier development activity, recording a metric of 2.32 compared to Ethereum’s 0.744048. Moreover, Cardano held the 4th spot in GitHub activity, showcasing consistent upgrades. Ethereum ranked 13th but showed improvement toward the end of the period. From June 25 to July 1, both tokens stayed range-bound, lacking a clear trend. However, July 2 brought a decisive breakout, backed by growing volume across exchanges.
Source: Santiment
Additionally, Ethereum exited its bearish Ichimoku cloud zone and moved into a neutral-to-bullish setup. Cardano mirrored this trend, exiting the cloud after displaying price and development stability. These technical signs aligned with the bullish moves, giving weight to the rally.
Price Action Shows Technical Clarity
Ethereum started the observed range below $2,500, facing several intraday fluctuations. A dip occurred between June 30 and July 1. However, it rebounded sharply to close above $2,530. Cardano moved in a tighter channel with fewer volatile swings but registered a strong spike on July 2.
Its consistency in development contributed to price stability and a powerful upside move. Besides, volume indicators showed increased buying during the breakout. This further confirmed demand across both assets.
