The PS3 Red Light Of Death (RLOD) is caused by the system overheating internally, or by a hard disk drive failure. What I suggest you do is open up your PS3, clean out the dust from the system entirely, and re-apply new thermal compound. If that doesn’t work, then it may be a hard disk drive failure. All you need to do is grab a new hard drive from the likes of Amazon, Newegg, etc and reinstall the OS onto it. A regular laptop hard drive will also work fine.
Here’s a decent guide on how to upgrade (or replace) your hard drive: https://www.techradar.com/how-to/gaming/...
Hope this helps!
What happens when you try to power on your PS3? Does it not turn on at all? Only for a second? Is there a video output?
I recommend you try this guide: Fixing Playstation 3 Green Light of Death (GLOD)
Basically hold down the power button until you hear a beep 2 or 3 times. This will reset the video settings to the lowest possible configuration. (If this works be sure to give the author +30 points on the guide).
I think you should try to do the YLOD repair first, and if that doesn’t work, try to replace the capacitor as you said. Most PS3 deaths are most commonly with the OG Fat PS3 and it’s due to heat. Though iirc it was fixed with the release of the PS3 Slim/Super slim.
Thank you so much for this guide! This helped me to revive a YLOD PS3 (CECHH 01) I bought at a thrift store! Instructions are easy to follow, seemed very straight forward. I would recommend if anyone has a YLOD PS3 to use this guide as it helped me to revive my PS3. So far, running great. Will update if anything happens. Thanks again!