Apple Watch not pairing with new iPhone

I got a new iPhone 13 pro max - when setting it up it asked if I’d like to pair with my existing watch, I said yes and accepted on my watch - it then got hung up and my phone said ‘unable to connect to Apple watch’. My watch (series 3) gives me the ability to ‘ping’, but nothing happens on my phone. Do I have to completely reset my watch and try to re-pair or can I somehow save my data?

Thank you!