Hi Ferguson,
You should be very careful with strong etchants especially on blades with cold shuts. Did you cover this blade with a baking soda paste and work it into the shuts after etching it with ferric ?
Ferric needs to be totally neutralised or it will keep on eating the steel even after it's dry.
IMO this blade looks a bit burnt, i.e. too dark; kind of like an underexposed picture; a rubdown with lime juice might lighten it a bit and reveal even more activity.
Nice kris.