Apple logo white then turns orange

This happened same with me, and I went to the Apple store to fix it, they are saying it there is a hardware issue affecting the normal function of the ethernet port, and Apple is charging me CAD 389 Plus TAX to fix it

Orange or red usually means some kind of problem - anything from very low battery just needing to be charged, through to major battery problems. Please see Apple's suggestions in

Check your battery and charge your Apple Watch - Apple Support

If your Apple Watch won't charge or it won't turn on - Apple Support

Also be aware the display while charging may go to blank screen. This is normal behavior, gently tap or move the watch to activate the display for a few moments.

I also encountered a similar situation as you. How did you handle this? What about your current Apple Watch?