It's perspective. The clouds are actually floating close to the ground. 
Still, would look better with the clouds just a little bit smudged in front of the ring.
Also, OP, you should copy the ring, add a new layer, decrease the transparency, and paste the ring upside down and then only make it visible on the water, everything you do from there is personal preference (this is just to create a really basic reflection, just to make it a little bit more pleasing to the eye) but I do suggest vertically shrinking the layer before you crop it to the water, so that way it looks like it's at a different angle.
