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I suspect that either the power supply is failing, or there is an intermittently shorted component.
Other possible causes:
- flakey console circuitry
- loose connection in console (thus, LED 2 flickering.)
- belt too tight, overheating and stressing the motor, causing overload of power supplied, and restart
(This is only likely if you have not adjusted and lubricated your belt in the last year or two ... the belt can shrink, causing this. The procedure for adjustment, if needed, I can provide... so let me know if that might be it.)
- surges on the power line that the treadmill is plugged into (this can be helped by powering the treadmill through a surge protector, an investment for every electronic device of any value in your household, that always pays off in the long run.)
How old is the treadmill?