The serial interface is up but the line protocol is down. This indicates that while the physical layer connection is up, the data link layer is not establishing properly. Common reasons for this include:
- Mismatched encapsulation types on either end (e.g. one side PPP other side HDLC)
- Authentication failure if using PPP (e.g. wrong username/password)
- Layer 1 issues like clock rate mismatch if using HDLC
So in summary, the interface is physically up but the data link layer is failing to establish due to a configuration mismatch between the two directly connected routers.