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I think it'd be best this way:

"He was watching with silent agitation as the wheel of happiness spinned"

He was watching with silent agitation, the spinning wheel of happiness.Someone was raised above , another crushed by it ...

- He was watching >>> I/you/he was watching

- with silent agitation >>> with mute emotion (as in mute appeal or adoration)

- word order in AndruxaB post is more poetic, so fits better, though I'd use continious was spining.

- Someone >>> one was...

- raised high >>> exalted? (like favoured or dignified by the wheel of happiness, but not literally lifted)

- another >>> other

- crushed...>>> crushed by it

I was watching with mute emotion the spinning wheel of fortune. One was exalted, the other was crushed by it.

I think it's the Wheel of Fortune that's meant here.

No, it's wheel of happiness. The comments specify that this expression was used by some famous poets

"Смотрел" - "He was watching" - nelabai tinka, nes rusų kalboje tai neaišku, ar tai 1, ar tai 3 asmuo, todėl, mano nuomone, geriausiai tiktų "looked". O žodis "someone" čia irgi netinka, o frazę "Один был вознесён, другой раздавлен им..." siūlau "One been uplifted, another is cruched by it". Tai būtų prasmė teisingesnė

In respect of the context of this poem, it is obvious that it was written in the first person (singular), not in the third person (singular), therefore it should be "I" instead of "he". I know it's not very clear from text given, but why guess if you can easily look up this poem on the Internet

k.p.c. is right, in the not given contex it's difinitely "I"

It is specified that there is such expression as "Колесо счастья" (Wheel of happiness) in Russian, but it doesn't necessarily say that we have to translate it in English as "Wheel of happiness". The fact is that both the expressions "Колесо счастья" and "Колесо Фортуны" stand for the English "Wheel of fortune". Besides, the expression "Wheel of fortune" is more popular than "Wheel of happiness", which is very seldom used. To emphasize the author's originality you could keep the expression "wheel of happiness" though the English speaking people are used to the wheel of fortune

I was watching with silent excitement, how turns round the wheel of happiness. One was lifted, the other crushed by them...

I was watching with mute emotion the spinning wheel of fortune. One was exalted, the other was crushed by it.