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Normally when I boot my PS4 I first see the white PS logo on black background, followed by an animated blue wave, and finally my Home screen appears on top of that wave.

Now I seem to be stuck on the animated blue wave. It doesn't look like my PS4 has frozen, since the wave is still animated and when I press the PS button, I receive a crossed out circle indicating that the PS button cannot be used right now.

What is going on and what can I do to fix this?

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It seems like this behavior is normal when the PS4 is connected to the internet via an ethernet cable, yet doesn't have access to the internet or the PSN.
If you wait long enough, and it can take very long, the PS4 will boot normally and ask you to sign in to the PSN.

To fix this (temporarily), you need to pull the ethernet cable from the PS4. This will force the PS4 to boot without trying to go online.

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    That seems like a rather bad design issue. – Frank Aug 24 '14 at 13:01
  • Looks like the PSN was down today because of some DDOS attacks. That explains why I couldn't reach the PSN all day. – Nolonar Aug 24 '14 at 21:45

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