Od' und leer das Meer. The lady of situations. Which I am forbidden to see. The Hanged Man. Fear death by water.
Water is a sign of rebirth, spiritual rebirth especially.
In this poem, the narrator is stuggling to find it, but he can't. Maybe if he has spiritual rebirth, he is afraid he'll die. I see crowds of people, walking round in a ring. I had not thought death had undone so many. And each man fixed his eyes before his feet.