Last bit of info I was able to gather is it's "not canceled," but is on hold more or less indefinitely and not in active development. The project was hit by a lot of misfortune all at around the same time: the crowdfunding failed, there was I think a countersuit from Epic games over unreal engine, and Kotaku ran a bunch of hit pieces on Denis Dyack which made him out to be essentially a grifter and complete piece of garbage; which is now something that gets brought up and posted everywhere anytime he surfaces in the news, so yeah realistically I don't know if anything will ever happen with this.
He's supposedly working on a different game right now;
Deadhaus Sonata; which is going to be more or less a remake of the PS1
Blood Omen: Legacy of Kain using Dark Souls as the overall design template (as opposed to top-down Zelda games being the template for the original). Don't know how likely this one is to come out, either. Plus it's supposed to be a multiplayer F2P game I think so I don't see how it could possibly turn out good. Here's hoping it launches, turns out to be a big success, and provides the funds to eventually finish Shadow of the Eternals; because I don't think it's likely that any external publishers or investors are likely to ever put up the necessary budget to make the game happen.