I have 2 Nginx Load balancers, running on AWS, each with an elastic IP address. I want to implement fail-over on them.
Can I use Route53 to setup health check, so whenever one server goes down, then the traffic is routed to another server, based on IP? If this isn't possible then can I use CNAME or domain name to point to other IP in case one goes down?
Yes Route53 supports Health Checks where it can periodically make a HTTP request to each of your IPs and if any one fails to respond correctly it will be automatically removed from the DNS response until it recovers. See here for more details: https://docs.aws.amazon.com/Route53/latest/DeveloperGuide/dns-failover.html
Hope that helps :)