Is E-74 the New RRoD?

Three red rings means the you have the RRoD and your console is bricked. If it happens within 3 years of the manufacture date, MS will fix it for free. No shit, right? Well, a new error seems to be popping up and it’s E-74. For this error, you only get 1 ring of death and MS will not cover the repair. This is happening more frequently than people think and reports of it are flooding in. If anyone knows what the error means, lay it on me.