The number 153.32311541 is not a good model number for the water heater. It would be difficult for me to say exactly which component is causing the reset button to trip open. It could one of the two heating elements shorted, or it could be one of the two thermostats failed closed. You did not mention if the water is extremely hot or not. If your water is scalding hot that could indicate a shorted heating element and can remain on all the time on 120 volts.
Since I do not have a model number of the water heater I will not be able to give you specific part# of the heaters or thermostats. I do know there are kits that include both heating elements and thermostats available locally. For specific information resubmit your question with the model number directly off the water heater.
Generally a service technician will be needed to test heaters and wiring.
I recommend calling a service technician to diagnose the failure in your electric water heater.
NOTE: BE SURE TO DISCONNECT POWER OR TURN BREAKERS OFF TO THE WATER HEATER BEFORE DRAINING AND REPLACING THE HEATER AND THERMOSTAT/HI-LIMIT SWITCH.
NOTE: BE SURE TO LET THE WATER HEATER FILL WITH WATER BEFORE TURNING THE BREAKERS BACK ON.