S2240L, PS3 HDMI Issue

Hi,

I am trying to connect my PS3 to my S2240L via HDMI. It was working fine till a few days back, but now the monitor would just display 'Entering Power Save mode' message. I have tried changing the HDMI cable, factory resetting monitor, resetting PS3 by pressing the button for a few seconds till 3 beeps but to no avail. One thing i have observed is that whenever I move my controller left/right or press some button, the monitor would wake up for a second and then immediately go back to sleep again. This means that monitor does sense some signal from PS3 but something is not right. I have even tried a HDMI to VGA converter to use the VGA port on the monitor but still no luck:(. Please help me out.

Thanks