No option to erase all settings on Watch reset

These are the instructions to reset the Watch when the passcode is forgotten. At step 3, when I hold The Digital Crown, it just returns me to the lock screen. I do not get an option to erase content.

1. Put your watch on its charger and keep it there until you complete these steps.
2. Press and hold the side button until you see the power button in the upper-right corner of the display.
3. Press and hold the Digital Crown until you see Erase all content and settings.
4. Tap Reset, then tap Reset again to confirm.