Nice icon, here is my advice.
Background's red color choice as effect on blade is not quite good, your goal is to get viewer focused on blade and with red repetition blade is just too flat in overall. If you want red effect give it more subtle appearance, see how wow axes icons do theirs backgrounds. Increase shading, add shadows on lower side. I would highlight tops of those red lines on the surface of blade and give more shadow on their endings. You could also try moving it bit to left so that handle can be recognizable part. Also choose light source. Blade is mostly just black colored so once source of light is determined you can play with altering this as well. If you don't mind, here is how I would edit it through: