Monks have valuable actions, bonus actions, and even reactions already. Why Absorb Elements (the exact spell) instead of Deflect Missiles (something in that style). Maybe when you successfully evasion, you can spend Ki as a reaction to divert the effect/saving throw onto a nearby enemy. You could look at agile parry, where you act a certain way to gain a temporary benefit. If effects were added to the Dodge, Dash, Disengage, and/or unarmed strike with your attack action, they could easily fit in the gap of free abilities still below flurry or stunning strike in power. I'm picturing an earth Dodge that reduces the damage you take, an air Dashthat is somehow distinct from step of the windwhere you can push other creatures, a water Disengage that covers your retreat with difficult terrain, and fire strikes that are just a rebalanced fangs of the fire snake, sorry.