Create new layer and paint the layer in black color, selecting the Paint Bucket Tool (G) for this operation:



Choose on this layer the Brush Tool (B) with blurred edges and white color and make a mouse double click to get the same result as it is shown the next picture:



Apply for the last layer the next option which must be selected twice: Filter>Stylize>Extrude

 



Using the Free Transform option, it’s possible to lift up a little the layer:



Apply the next parameters for the layer: Fill 50%
Blending mode-Color Dodge



Next step includes choosing once again the Ellipse Tool (U) to represent another circle:



The layer’s parameters: Blending Options>Outer Glow



Blending Options>Inner Glow



Blending Options>Gradient Overlay



Gradient’s parameters: