Is that possible to achive this effect using Unreal Engine ?
Surely. You can use depth fade for that. Take a look at this tutorial, it explains how to do it.
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You can’t get this effect with Unreal’s Depth Fade node. It only provides fade on visible, non hidden by other geometry part.
I have no idea what do you consider non hidden geometry, but for what it takes, depth fade in the essence works exactly as described in the article you’ve linked.
DR is right, works exactly as OP’s request.
Could you please provide me some simple project with this applied, giving more or less exactly same output then? I can’t replicate it using that node. Thanks in advance. =]
Just post a screenshot, so we can help you further! <3