Your blade is definitely pattern welded steel. The pattern does not really show up until the blade has been etched in acid, which eats at the two steel types at different rates, revealing the pattern. Sometimes you can see the pattern faintly before it's etched, depending on how it's polished/finished, but with a coarse finish left by a grinder, it's often impossible to see. The edge(s) of your blade was sharpened after the etching process, which removed the surface finish there.
In your case, the color of some of the layers make it look like it may have been made from 3 or more different kinds of steel, instead of just two. Do you know any further details about how the blade was made? Who made it? As the others mentioned, pattern welded steel can be either good or bad, depending on the materials used and skill of the smith. In the recent past, pattern welding was a good indicator of quality, since it was only made by individual blade smiths who pretty much had to know what they were doing. But now, the market has been flooded with cheap blades from China, and some of them are made with low carbon/mild steel that can't even be heat treated.
From the broad fuller, I'm guessing this is a Viking style piece. I'd like to see some pictures of the whole sword, if you have time. Looks neat.