no. however the valve needs replacing. Try replacing the thermocouple first. Parts are available. Depending on the age of water heater, you can compare replacing.
Is it leaking from the water lines coming/going? They will need to be tightened with a pipe wrench but you must be careful not to over due it and break something! If you feel comfortable doing this give it a try but don't over tighten!
The .'reset button' that you are looking for is an external circuit breaker on the side of your house or breaker inside your electric service. (Your breaker box)
The valves are the same specs. Is it possible that a new valve leaks, yew. However if both valve leak then there are other problems. Does the valve only leak when hot water is called for? Then check temperature setting on heater. Does it lek all the time? The water pressure is to high ,
