Reduce the saturation of the bg, add some color to the axe, add more sharpness to it, define the color better please and it all will be done. You use many mixes of colors in an icon, and it doesnt look good in game most of the times
Makes me think of Mortal Kombat with Nightwolf's Axe.
Not bad, although I'm inclined to agree that more contrast is a good thing, as it is a little blurry. However, it does really come down to ingame appearance, as the image may be look a little better in a smaller size, but with the blurriness I'm sure that the negative aspects will become more prominent than the positives.