ASM rebalance is meant to evenly distribute file extents across all disks on the particular diskgroup - which is not the same as saying that rebalance "rebalances" I/O load.

You may get lucky and rebalance may help but for this to happen you should add storage to the particular diskgroup and pray, pray hard.

Hot blocks are usually caused by application design, like an application reading the only row on a "status" kind of table each time something happens - if that "something" happens a lot then you get a hot block - I have seen this happening in a particular application where the designer created a table to generate sequence numbers instead of using a proper Oracle sequence.

The only way to know why a particular block gets hot is to look at it, understand what is in there and why is being hit that much.

Hope this helps.