Sure. Here is the modified code to draw an ellipse:
```js
function drawEllipse(canvas, x, y, rx, ry, color) {
    var ctx = canvas.getContext("2d");
    ctx.save();
    ctx.beginPath();
    ctx.translate(x-rx, y-ry);
    ctx.scale(rx, ry);
    ctx.arc(1, 1, 1, 0, 2 * Math.PI, false);
    ctx.restore();
    ctx.fillStyle = color;
    ctx.fill()
    ctx.stroke();
}
```
In this function, `rx` and `ry` are the x-radius and y-radius of the shape. It saves the state of the canvas with `ctx.save()`, and uses `ctx.scale()` to turn the circle into the expected ellipse. Finally, the canvas is restored to the original state with `ctx.restore()`.
Another option is to use the `ellipse()` function for canvas, which is similar to `arc()`, to perform a task. The parameters are as follows:
```js
ellipse(x, y, radiusX, radiusY, rotation, startAngle, endAngle, anticlockwise)
```
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