Now somebody needs to lay off the effects a little, lol.
The Nightwolf one was okay, but this is a bit much.
The blood (from the bridge) itself looks ridiculous, it just looks terrible in my opinion.
I think there is a little too much blood actually landing on the bridge from Kano as well.
The upper effect on Ermac looks pretty good, but the lower one looks rubbish by comparison.
This long effect around Reptile also looks just far too cheesy for words really, lol. Reptile's fireball looks like it's just made of glowiness, I mean it doesn't look like it would hurt anybody, just make loads of pretty sparks.
I also believe that's an MK2 Liu Kang torso there

.
Basically, effects are fun, but overuse them and they look ridiculous, this is one of those instances. This is why you don't see these kind of effects in Mortal Kombat, because they're too much.
The text also is so thin that is probably just shouldn't be there.
The Kano sprite isn't so bad blood wise, but the glowing thing on him looks rubbish really, lol, would've been better without that too.
The ermac sprite is good (or is it taken from the game directly?)
Anyhow, I would suggest you keep experimenting with effects because some of them can look good, but just make sure not to overuse them, as they can look like trash.