Have a red blinking light instead of neon. - Bosch PowerStar AE125 AE125 Whole House Electric Tankless Water Heater...

What make and model is it?

A red blinking light usually means weak batteries.

check the drain lines to make sure they are clear

http://waterheatertimer.org/How-to-troubleshoot-gas-water-heater.html#intellivent

Gene
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If you need further help, I’m available over the phone at https://www.6ya.com/expert/gene_9f0ef4df2f9897e7

Flashing light means bad control unit..or your flow is too low. If you have a couple fixtures on, and its still blinking, the board needs to be replaced.

its broken down

Copy following link to identify type of gas control valve, and error codes.
http://waterheatertimer.org/How-to-troubleshoot-gas-water-heater.html#intellivent

With honeywell atmospheric gas control, steady blinking light indicates correct operation.
Read product manual, and perform regular maintenance as outlined in product manual.

If you need further help, I’m available over the phone at https://www.6ya.com/expert/gene_9f0ef4df2f9897e7

It sounds like you are actually in lock out. Recycle is when during a call for heat, the flame goes out, the unit will try to restart itself. Hope this helps

1.Not an expert with natural gas furnaces.
2.Statements below are from my own personal experience, and knowledge from.

The red blinking light you see is on a computer control board. The flashes of the red light represent a type of code. Think of it as a Morse Code, if you will.

For example: Red light blinks three times rapidly, pause, then blinks one more time. This code represents a particular fault. (Fault = Problem)

There is a sticker, with a chart of codes listed for this red light. It is usually placed very near the red light.

A gas furnace should be repaired by a competent HVAC technician. This is not a device that should be attended to, by those who are not trained.
An HVAC technician will know where to look, what parts are needed, and if the gas furnace is safe enough to put back on line. (Safe enough to use)

overheat stat , does it come back on with reset ?best of luck