Name	Proto-Germanic	Old English
	*Ehwaz	E(o)h
	"horse"
Shape	Elder Futhark	Futhorc
Unicode	ᛖ U+16D6
Transliteration	e
Transcription	e
IPA	[e(ː)]
Position in rune-row	19

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*Ehwaz is the reconstructed Proto-Germanic name of the Elder Futhark e rune ᛖ, meaning "horse" (cognate to Latin equus, Gaulish epos, Tocharian B yakwe, Sanskrit aśva, Avestan aspa and Old Irish ech). In the Anglo-Saxon futhorc, it is continued as ᛖ eh (properly eoh, but spelled without the diphthong to avoid confusion with ᛇ ēoh "yew").

The Proto-Germanic vowel system was asymmetric and unstable. The difference between the long vowels expressed by ᛖ e and ᛇ ï (sometimes transcribed as *ē₁ and *ē₂) was lost. The Younger Futhark continues neither, lacking a letter expressing e altogether. The Anglo-Saxon futhorc faithfully preserved all Elder futhorc staves, but assigned new sound values to the redundant ones, futhorc ēoh expressing a diphthong.

In the case of the Gothic alphabet, where the names of the runes were re-applied to letters derived from the Greek alphabet, the letter 𐌴 e was named aíƕus "horse" as well (note that in Gothic orthography, ⟨aí⟩ represents monophthongic /e/).

Anglo-Saxon rune poem

The Anglo-Saxon rune poem has:

ᛖ Eh bẏþ for eorlum æþelinga ƿẏn,

hors hofum ƿlanc, ðær him hæleþ ẏmb[e]

ƿelege on ƿicgum ƿrixlaþ spræce

and biþ unstẏllum æfre frofur.

"The horse is a joy to princes in the presence of warriors.

A steed in the pride of its hoofs,

when rich men on horseback bandy words about it;

and it is ever a source of comfort to the restless."