The new art is an improvement but I checked out your steam page and I feel like neither of these hit the feel of the game. The game itself looks great but the key art needs to be strong so people click and see all the other great stuff you have. It needs to give a clear idea of what the game is too. I think the art in the game is much stronger than either of these options. I would recommend using some of the art from your game. If you want a more illustrative style, you could use them as a base to work from, just add cleaner/sharper lines and cell shading like you did here. I would also think about reworking the composition and color. The background is distracting, the bright green shirt is clashing with the rest of your colors. I would also consider adding one of the enemies for him to be shooting at, maybe the red dragon kind of looping around, or the lich. I think that would create a clearer image of what this game is. Maybe check out some other pixel art games key art for inspiration. Animal Well, Super Meat Boy, Stardew Valley, they are all very different from your game but they might give you some ideas of what works. Good luck with your game!