The moon experiences many changes throughout the story.
At first, the moon is a shimmering ivory figure.
She then becomes blue, veiny, and wrinkled.
Later, she starts to fade, and become see-through, and her eyes turn indigo.
She ends the story as a sparkly silver pile of embers.
Seems to me that the second option looks as if it were correct. While paraphrasing and summarizing, you are trying to shorten up an original piece of writing. Giving a well developed descriptions of main ideas isn't something to look for in paraphrasing, so that's why the first option is incorrect. In addition, restating basically everything from a text is not called paraphrasing nor summarizing, and that is why I'd rather classify it as copying.
It creates a mood of anticipation because it seems that the two characters might confess their love.
What book
you do relise no one can answer this question with out more info