Instead of using resistors and additional diodes this circuit is much more efficient. It has nearly no power loss at all. No heat will be generated in resistors. The capacitor on the left slows down the charging process of the right electrolytic capacitor. The LED will consume current & the electrolytic capacitor will not be able to charge up more. When the circuit will be turned on using the left switch the right capacitor will protect the LED from peak-currents. The size of the left capacitor has to be adjusted to the LED's current (for example: 330nF for 20mA). The size of the right capacitor equals the fade-in & fade-out time. The right switch will turn of the LED and not the bridge rectifier to simulate broken green LEDs. The Zener-Diode and the red LED will prevent the capacitor from overvoltage.
Tested: ✅
Working: ✅