Mmh... it works... but you need more color.
In 2x it looks kinda like one of those "look how retro this is" pieces, but I doubt that's the look you were trying for.
Consider the dithering, especially. The cup only has two colors. Dithering with low contrast, essentially blends two colors together. In that sense, the dithering adds exactly nothing to the piece as a whole. Besides, the dithering doesn't really make sense if you take into account the shape of a cup, either.
Check out some cylinder-shaped objects. Google can help if you can't find any at home (which would be odd). You never really see a shiny cylinder get darker towards the bottom. The only shading tends to be from side to middle, darker at the sides and a highlight down the center. Try something like that.
