Hi qauytec. On these old epsons, a flashing ink light usually indicates a faulty cartridge, or ,if the light remains on solid: a cartridge is empty.
You can determine which cartridge/s are at fault by doing the following: With the printer powered on and idle, open the top cover and press the ink button once. The ink carriage should move into position beneath a little indented arrow on the outer case. Where it stops indicates which cartridge (there are six in this model iirc) is at fault/empty. If you press the ink button again the carriage will either move to indicate another empty/faulty cartridge, or move to the access bay where you can replace the cartridges as required. When you're done, press the ink button once more to initiate charging - this will take a few minutes.
When that's done, if all is well the ink light will go out and you should be good to go. If not, please explain in more detail what happens.