Considering that
- the ellipse on the $x,y$ plane is symmetrical with repect to both axis, and also it is symmetrical with respect to the $z,x$ and $z,y$ planes.
- a circular cone whose axis is incident to the $x,y$ plane, will intercept on it a quadric that is symmetrical to the plane containing the cone axis and parallel to the $z$ axis.
we conclude that the axis of the cone shall lie either on the $z,x$ or in the $z,y$ plane, and so shall thus be for the vertex .
case: cone axis in the $z,x$ plane
Let the vertex be $V=(x_v,0,z_v)$, and the unit vector defining the axis $\mathbb {a} =(cos \alpha, 0, sin\alpha)$.
A point $P$ on the circular cone will obey to
$$
\frac{{\mathop {VP}\limits^ \to }}
{{\left| {\mathop {VP}\limits^ \to } \right|}} \cdot \mathbf{a} = const. = \cos \beta
$$
and in particular a point on the $x,y$ plane will obey to:
$$
\left( {\left( {x - x_{\,v} } \right)\cos \alpha + \left( {0 - z_{\,v} } \right)\sin \alpha } \right)^{\,2} = \left( {\left( {x - x_{\,v} } \right)^{\,2} + \left( {0 - z_{\,v} } \right)^{\,2} + y^{\,2} } \right)\cos ^{\,2} \beta
$$
that is (duly excluding the cases $\beta=\pi /2$ and $\beta=\alpha$ which can be dealt apart)
$$
\begin{gathered}
\left( {z_{\,v} ^{\,2} + y^{\,2} } \right)\cos ^{\,2} \beta = \hfill \\
= \left( {\cos ^{\,2} \alpha - \cos ^{\,2} \beta } \right)\left( {x - x_{\,v} + z_{\,v} \frac{{\sin \alpha }}
{{\left( {\cos \alpha - \cos \beta } \right)}}} \right)\left( {x - x_{\,v} + z_{\,v} \frac{{\sin \alpha }}
{{\left( {\cos \alpha + \cos \beta } \right)}}} \right) \hfill \\
\end{gathered}
$$
$$
\left( {1 - \frac{{\cos ^{\,2} \alpha }}
{{\cos ^{\,2} \beta }}} \right)\left( {x - x_{\,v} - z_{\,v} \frac{{\sin \alpha }}
{{\left( {\cos \beta - \cos \alpha } \right)}}} \right)\left( {x - x_{\,v} + z_{\,v} \frac{{\sin \alpha }}
{{\left( {\cos \beta + \cos \alpha } \right)}}} \right) + y^{\,2} = - z_{\,v} ^{\,2} \tag{1}
$$
First step for this to represent the targeted ellipse is to get rid of the term in $x^1$, which means
that is shall be:
$$
- x_{\,v} - z_{\,v} \frac{{\sin \alpha }}
{{\left( {\cos \beta - \cos \alpha } \right)}} = - \left( { - x_{\,v} + z_{\,v} \frac{{\sin \alpha }}
{{\left( {\cos \beta + \cos \alpha } \right)}}} \right)
$$
i.e.
$$
- z_{\,v} \left( {\frac{{\sin \alpha \;\cos \alpha }}
{{\cos ^{\,2} \beta - \cos ^{\,2} \alpha }}} \right) = x_{\,v} \tag{2}
$$
So that eq. (1) can be rewritten as:
$$
\left( {1 - \frac{{\cos ^{\,2} \alpha }}
{{\cos ^{\,2} \beta }}} \right)\left( {x + x_{\,v} \frac{{\cos \beta }}
{{\cos \alpha }}} \right)\left( {x - x_{\,v} \frac{{\cos \beta }}
{{\cos \alpha }}} \right) + y^{\,2} = - z_{\,v} ^{\,2}
$$
leading to:
$$
\begin{gathered}
\left( {1 - \frac{{\cos ^{\,2} \alpha }}
{{\cos ^{\,2} \beta }}} \right)x^{\,2} + y^{\,2} = x_{\,v} ^{\,2} \frac{{\left( {\cos ^{\,2} \beta - \cos ^{\,2} \alpha } \right)}}
{{\cos ^{\,2} \alpha }} - z_{\,v} ^{\,2} = \hfill \\
= x_{\,v} ^{\,2} \left( {\frac{{\left( {\cos ^{\,2} \beta - \cos ^{\,2} \alpha } \right)}}
{{\cos ^{\,2} \alpha }} - \frac{{\left( {\cos ^{\,2} \beta - \cos ^{\,2} \alpha } \right)^{\,2} }}
{{\sin ^{\,2} \alpha \;\cos ^{\,2} \alpha }}} \right) = \hfill \\
= x_{\,v} ^{\,2} \frac{{\left( {\cos ^{\,2} \beta - \cos ^{\,2} \alpha } \right)}}
{{\cos ^{\,2} \alpha }}\frac{{1 - \cos ^{\,2} \beta }}
{{1 - \cos ^{\,2} \alpha }} \hfill \\
\end{gathered} \tag{3}
$$
Comparing this to the target we obtain
$$
\left\{ \begin{gathered}
x_{\,v} ^{\,2} \frac{{\left( {\cos ^{\,2} \beta - \cos ^{\,2} \alpha } \right)}}
{{\cos ^{\,2} \alpha }}\frac{{\sin ^{\,2} \beta }}
{{\sin ^{\,2} \alpha }} = b^{\,2} \hfill \\
\left( {\frac{{\cos ^{\,2} \beta - \cos ^{\,2} \alpha }}
{{\cos ^{\,2} \beta }}} \right) = \frac{{b^{\,2} }}
{{a^{\,2} }} \hfill \\
\end{gathered} \right.
$$
With some algebraic manipulation
$$
\left\{ \begin{gathered}
x_{\,v} ^{\,2} \frac{{\left( {\cos ^{\,2} \beta - \cos ^{\,2} \alpha } \right)}}
{{\cos ^{\,2} \alpha }}\frac{{\sin ^{\,2} \beta }}
{{\sin ^{\,2} \alpha }} = b^{\,2} \hfill \\
x_{\,v} ^{\,2} \frac{{\cos ^{\,2} \beta }}
{{\cos ^{\,2} \alpha }}\frac{{\sin ^{\,2} \beta }}
{{\sin ^{\,2} \alpha }} = a^{\,2} \hfill \\
x_{\,v} ^{\,2} \frac{{\sin ^{\,2} \beta }}
{{\sin ^{\,2} \alpha }} = a^{\,2} - b^{\,2} \hfill \\
\frac{{\left( {\cos ^{\,2} \beta - \cos ^{\,2} \alpha } \right)}}
{{\cos ^{\,2} \alpha }} = \frac{{b^{\,2} }}
{{\left( {a^{\,2} - b^{\,2} } \right)}} \hfill \\
\left( {\frac{{\cos ^{\,2} \beta - \cos ^{\,2} \alpha }}
{{\cos ^{\,2} \beta }}} \right) = \frac{{b^{\,2} }}
{{a^{\,2} }} \hfill \\
\frac{{\cos ^{\,2} \beta }}
{{\cos ^{\,2} \alpha }} = \frac{{a^{\,2} }}
{{\left( {a^{\,2} - b^{\,2} } \right)}} \hfill \\
\end{gathered} \right.
$$
we finally arrive to rewrite the eq. (2) as:
$$
z_{\,v} ^{\,2} = \frac{{b^{\,2} }}
{{\left( {a^{\,2} - b^{\,2} } \right)}}\left( {1 - \frac{{\sin ^{\,2} \beta }}
{{\sin ^{\,2} \alpha }}} \right)x_{\,v} ^{\,2} = \frac{{b^{\,2} }}
{{\left( {a^{\,2} - b^{\,2} } \right)}}x_{\,v} ^{\,2} - b^{\,2}
$$
$$
\frac{{x_{\,v} ^{\,2} }}
{{\left( {a^{\,2} - b^{\,2} } \right)}} - \frac{{z_{\,v} ^{\,2} }}
{{b^{\,2} }} = 1
$$
case: cone axis in the $z,y$ plane
The overall scheme is the same, just we have to exchange $x$ with $y$ and $a$ with $b$, giving
$$
\frac{{y_{\,v} ^{\,2} }}
{{\left( {b^{\,2} - a^{\,2} } \right)}} - \frac{{z_{\,v} ^{\,2} }}
{{a^{\,2} }} = 1
$$
or if you prefer:
$$
\frac{{y_{\,v} ^{\,2} }}
{{\left( {a^{\,2} - b^{\,2} } \right)}} + \frac{{z_{\,v} ^{\,2} }}
{{a^{\,2} }} = - 1
$$