I am on the same boat as you guys. The good news (the bad to be revealed later) is, there is a way to log into the game despite having our current DX version. I'm only serving this info for those who don't know how to do so but for those who do, feel free to chip in tweaks/tips on how to improve the gameplay (this will be clarified below).
1. Download dxcpl.exe
HERE and run it as soon as the download completes
2. Click 'Edit List..' and locate your "eso.exe" and/or "eso64.exe" file(s) via the '...' button next to 'Add'
*The executable files can be located in C:\Program Files (x86)\Zenimax Online\The Elder Scrolls Online\game\client\ (as a reference)
3. Make sure the file(s) you intend to run is on the list and click 'OK'
4. Set the 'Feature level limit' to 11_1 and click 'Apply' and 'OK'
5. Run the .exe file you've included into the list earlier in step 2
If it crashes still, then reopen dxcpl.exe and tick Force Warp next to the 'Feature level limit' and click 'OK' and re-run the ESO executable file you've chosen earlier in step 2.
But here's the bad news, the FPS is generally
horrendous (depending on your GPU) should you log in but you could still log into the game to catch up with your mates or anything that is not combat-related. You could do a few tweaks that can potentially improve your FPS marginally (~3-5 FPS but hey, it's better than nothing right?) so I'd recommend everyone to revise their resolution (or playing in windowed mode). I believe there are other tweaks but I'm just rather demotivated to elaborate on that so I'll leave that to the community to help me list them down.
I understand a lot of people's frustration on the inability to log into the game as per usual due to time, financial and other restrictions that apply to you from getting your hands on a new set of GPU(s) or desktop/laptop so therefore I hope everyone finds this not-so-happy guide to be worth something.
Do let me know how it runs for you and we can discuss it further on improving the fluidity of FPS/gameplay.
The Order of the Shadows:
Nightmare
{PC•NA•no-CP Ravenwatch}
Shadow hide you. -Unknown
There is no clean fight in a war. -Shun Izaki