The update file cannot be used. (CE-34788-0)

The update file cannot be used. (CE-34788-0)?

When turn on the PS4 gives the message:
'Cannot start the PS4.
Connect the DUALSHOCK 4 using the USB cable, and press the PS button.'

Then,

'Connect a USB storage device that contains an update file for reinstallation for version 3.15 or later.

You can download the update file for reinstallation from playstation.com.'

I downloaded this update version and placed in my USB.  It's FAT32, and the file PS4UPDATE.PUP is in PS4\UPDATE as instructed in the website.

I went into safe mode, and did "Update System Software" It seems to read the file and goes to update. It goes to 100%, then restarts.

Then, I am back at the first issue. 'Cannot start the PS4".

The cycle keeps repeating.

Any suggestions?