1. Create a New Document 400×400px and apply gradient to diagonal from left with color #FE0000 to right with color ##8E0000:
2. Go to the Filters>Render>Lighting Effects and make 3 light sources:
3. Apply Fliters > Pixelate > Crystalize:
4. Use Smudge Tool with radius brush - 17, Strength - 60% and smudge the edges:
5. Draw a rings using Circle Thin Frame from Custom Shape Tool and apply blending mode Soft Light for layers with ring:
6. You can experiment more and more
I duplicate layers with rings and apply Gaussian Blur with Radius - 2px, try to playing with Smudge Tool. My final result:
Good luck, and be sure to check out our other Photoshop Tutorials!