Everything works for me now. I ended up talking with someone on the live chat within this app for help. I restarted my watch for the 2nd time, and rather than restarting my phone again, I powered the phone off altogether. I left both devices off for a couple of minutes. Once I turned them both back on, this is when I got a second update to the watch. This is the update that I apparently needed for the ECG capability. Try it out, see if it works. (Technically, I powered the watch off twice, considering there's no "restart" option for it.)
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