Just did that. Pressed Reset once, Led flashed yellow, hooked up Ethernet cable again, connection worked.
I could reset the password and reconnect my other devices to the CQ via Wifi.
Unfortunately, all those operations resulted in a total Factory reset. I now have a new password, but all my settings and mixing history have been erased. 
As a consequence, I suggest the following:
1/ All resetting instructions on various patforms (user manual, YT tutorials, forum answers) go through to the end of the procedure, not just to Step 5, which is not informative enough. Just add a paragraph saying: “Once you have completed the 5 Wifi resetting steps, the Led will keep flashing blue. This is normal. Quit your app, try reconnecting to the CQ Wifi network. The Reset operation must have returned the Wifi settings to Open, meaning no password is needed. Once connected to the CQ network, re-launch the MixPad app, go to Config/Network, select WPA2, set up a new Wifi password and tap Apply. You should now be able to connect other devices to the CQ with the new password. If this does not work, tap Reset again once, the CM Led will flash yellow. Connect an Ethernet cable to a laptop with the MixPad app installed and re-launch the app. You should be able to connect to the app again and set a new Wifi password. Caution: If Led turns to solid red, all these operations might result in a Total factory reset erasing all your settings and mixing history. Consequently, you should save your data as a Show on a USB drive BEFORE attempting a Reset.” You may even want to start the procedure explanation with this word of caution.
2/ In case the password has been forgotten (those things do happen, though this was not the case here), please provide a way to retrieve the existing password as an alternative to resetting it altogether, which is risky. I could not find any.
3/ Please highlight all instructions about saving data as Shows clearly in the User Manual, YT tutorials and forum answers. I had to scrutinize the manual to find that info, which appears quite incidental whereas it is a vital one. Had I clearly been made aware of that possibility and procedure beforehand, I would not have lost all my data.
Thanks.