For example: a certain flight may have a calculated ETA based on the speed by which it has covered the distance traveled so far. The remaining distance is divided over the speed hitherto measured to get a rough estimate on arrival. This particular method does not take into account any unexpected events (such as new wind directions and the like) which may occur on the way to the site of arrival.
The ETA acronym is often used sloppily in situations where nothing that actually moves over a distance is arriving anywhere, such as the time estimated for a computer program to finish a certain calculation.