Power LED - Light up as Bright RED - Device not accessible

I have one WDBZVM0040JWT-NESN (2x2TB RAID) installed on home network.

I have been using for 3 years. Last weekend - the power LED turned RED!!. And I am not able to connect to the mirror from my Mac.

Please help.

Thanks, QWind.

Just to clarify :
The red led is steady Red. Not blinking.
Top LED - With power sign - RED
Middle LED - HDD 1 - Light Blue (as it always is)
Bottom LED - HDD 2 - Light Blue (as it always is)