The speaker is caught between wanting someone and refusing to show it. They spot the person they love, then act as if nothing happened. The silence in the first line is called a "masquerade," a mask worn on purpose. It isn't emptiness, it's a performance. The odd phrase "your eyes serenade" suggests the other person is sending out affection without words, and the speaker hears it perfectly well, yet pretends not to.
The ending makes this concrete. "He: hey" is a simple, friendly greeting, and "She:" is followed by nothing at all. The blank space does the work of the silence itself, leaving the reader to feel the awkward gap. The mood is quiet and tense, a little sad and a little playful. The speaker seems to be protecting themselves, maybe from fear or pride, but the poem hints at the cost: a small moment of connection gets lost because one person won't answer.