Hardened steel etches slower than soft steel, usually.So, if you did an edge quench, the two hardnesses will etch at different rates and colors.
You might get better results on that blade with an even higher dilution. Try 5:1 (water to PC board etchant). Take the blade out of the etchant every couple minutes and scrub it with Scotch Brite pad, then put it back in the etchant ( wear good rubber gloves, unless you like orange/brown fingers).
When the etch looks a little more than you want, wash the blade, scrubbing well with steel wool or Scotch Brite, and neutralize the FC with Windex or ammonia. A light sanding with 400 grit will clean up the etch. Stop when it is the way you want. If you over-sand, just re-etch for a few minutes.
Stacy