The main key is C major, and the piece is in binary form.

A [a (measures 1-8) + a1 (measures 9-16)]

B [b (measures 17-24) + a2 (measures 25-33)]

Section a1 modulates to the dominant key of G major, but returns to the tonic key in the subsequent section B.

The theme is characterized by a dotted eighth note followed by three sixteenth notes, and its repetitive ascending motion is a prominent feature. Furthermore, as both hands are in the high register, it evokes the sound of a music box. From section B, the left-hand accompaniment pattern changes. If only the sixteenth notes of this left-hand part are connected, they form a descending stepwise progression over four measures, creating a sense of horizontal flow.