Pick a lightsource, coming from below might be cool, or you could have the appearance of moonlight/sunlight from above and the reflection from the water from below.

 

Next, block out general shading. I think the light from above would catch on his nose, head, ears, maybe on the cheek bits and some areas on the side of his face. Then the reflection would hit the bottom of his chin, and his neck area and stuff.

 

One problem with what you have now is that the fur texture is too contrasted, and the general forms and depth is not contrasted enough. That's why i suggest blocking out shading first. Perhaps try something a bit less random in terms of texture, and try adding actual furry kinda shapes? Like you would for very short hair or such.

 

Some other ideas would be to add sparkling droplets of water on his hairs... and make an entire moonlit scene... lols.

 

Good luck!

 

Basically, I increased the saturation of the highlighted areas and lighter colors and decreased that of the darker colors. This makes the face (with more of the lighter, more saturated colors) stick out as brighter and more interesting than the dark and desaturated neck, whereas your last version had the most interesting area on the neck, probably not where you're trying to lead the viewer's eyes.

 

Technically, to keep a set of colors looking like it's varying purely in luminance, you can increase saturation towards the extremes of luminance without ill effect, but in this piece it was more to your benefit composition-wise to have a linear light-dark and saturated-desaturated gradient for the browns.

 

EDIT: Typo.