Habitat
E. draconis is most commonly found in bays and estuaries (Grant 1978) and has been collected at depths as shallow as 3 m but is most often found between 37–91 m (Palsson and Pietsch 1989). Herold and Clark (1993) found that E. draconis were associated with fine to coarse pebble substrate or vast stretches of sandy bottom, sometimes with the seagrass Halophila stipulacea, and only occasionally with patches of corals.

Reproduction
E. draconis are broadcast spawners and observations of the species in situ suggest that it is monogamous. Pairings of individuals were maintained for at least 22 days (Herold and Clark 1993). After two spawnings in captivity, there were 253 and 236 eggs collected respectively (Herold and Clark 1993). Spawning by pairs has been observed to occur at dusk ex situ when pairs travel up the water column to release and fertilise eggs. Spawning activities may occur daily during the summer breeding season. E. draconis do not appear to be territorial or site attached (Herold and Clark 1993).

Diet
E. draconis is an opportunistic feeder and the most common items found in its diet include copepods, isopods, polycheates, nematoades, trematodes, pistol shrimp, post-veliger mollusks, foraminifera and stones up to 1 mm in diameter (Herold and Clark 1993).