Check the router and the cable going between the MBL and Router. I’m being a bit lazy not checking mine but I think if there is a network connectivity problem then the MBL’s LED illuminated red and will go back to blue and/or green once this issue us solved.
The reset switch only resets the MBL’s network configurarion, blanks the admin password and resets the root password. Might be worth a try.
Failing that… If it’s still under warranty then send it back to WD to have it replaced.