This can mean pretty much anything, but one of the things it means is that your server is not responding to pings. This can mean:
- Your server is down.
- Your server is too busy to respond. (DOS? Software bug?)
- Your server's firewall is blocking ICMP. (Probably not, since they send you emails when it doesn't ping, but you know. Completeness.)
- There is some other kind of network connectivity issue between your server and the system trying to ping it.
Based on this, no, you cannot assume that apache is down. The way you tell if apache is down is you monitor whether apache is serving web pages with the monitoring tool of your choice, or you load a web page from the server yourself, manually, or you log in and see if apache is running.
Check your server logs and see if anything interesting appears there.