Cannot log on, 503 error

I have been trying to access my site via ftp all day but keep getting the errors listed below. My site is now currently not available to view on the net and and cannot access my account admin either.

[19:56:26] 530 Login authentication failed
[19:56:26] Active Help: [url=""][/url]
[19:56:26] Cannot login waiting to retry (30s)...

and then, after trying it changes to the following:
[20:01:01] 421 Too many connections (8) from this IP
[20:01:01] Server closed connection
[20:01:01] Cannot login waiting to retry (30s)...

Could this be a hosting company fault?

Thanks in advance.