1. Fill the new layer with light blue, and fill the circle selection with any color (fill within the new layer)
2. Layer style - "Fill Opacity" is zero
3. Projection - Multiply, opacity 40%, distance, extension, size all zero, contour line "semi-circle"
4. Inner Shadow - Opacity 43%, Distance 2, Occlusion 0, Size 4.
5. Inner Glow - Overlay, opacity 30%, noise black, blocking 0, size 2.
6. Bevel and embossing - Make the highlight area of the water, inner bevel, clear engraving, depth 260%, size 5, softening 4, the color of the dark mode below is white, change its (highlight and dark) opacity according to the effect
Do not change the parameters that are not mentioned. The parameters that need to be changed are listed above. After you are done, save it to the style panel, or directly use an eraser to erase the area you just created, and the water effect will be there.