• Create a new layer.
• Create a white rectangular and place different size stars at its bottom edge.
• Part of stars draw on the bottom separate layer.

• Apply Drop Shadow to the both layers and merge them.

• Duplicate created layer, Adjust Fill 0% and apply pink/transparent Overlay Gradient to it.

• Load selection ( Ctrl + click or go to Select > Load Selection) for rectangular with stars.
• Fill selection with white color in a new layer.
• Apply white/ transparent Gradient Overlay.
• Create huge oval selection and cut bottom part of the shape.

• Paste cut shape into a new layer and apply Gradient Overlay just like in the example below.

• Draw huge white spot using soft round brush.

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