Blending Options>Stroke





The previous applied instrument (Ellipse Tool (U)) may be helpful in representing another ellipse.



The layer’s parameters:
Blending Options>Gradient Overlay



Gradient’s parameters:





Make four copies of the last made layer and choose the Free Transform option after that to make each copy smaller than the previous one, changing the parameters too:
The first copy:



The layer’s parameters:
Blending Options>Gradient Overlay