Water heater no hot water, heater trips circuit breaker, hot water runs out, water only warm, thermostat reset button popped, no power. Easily identify the cause of an electric water heater failure by performing various voltage and resistance tests. AFTER you establish that there is power being supplied to the water heater, ALL remaining tests are done with the POWER OFF to the water heater.
You'll need a phillips & slot screwdriver, as well as a digital or analog multimeter.
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For a super detailed understanding of how the thermostat operates, watch this video:
Excellent video explaining how to inspect your Circuit Breaker Panel:
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DISCLAIMER: If you're not comfortable working with 120V/240VAC electrical wiring, or unaware of the dangers of working with 120V/240V wiring, then DO NOT attempt to work on your unit! Safety first! AC Mains Power has the potential to KILL or injure you. This channel will not be held liable for any bodily injuries, property damage, or deaths resulting from the use or misuse of information contained in this video. The viewer assumes all risks and liabilities if they decide to duplicate what's shown in this video. Certain methods shown in this video, may not be considered "Proper".