*Ehwaz is the reconstructed Proto-Germanic name of the Elder Futhark e rune ᛖ, meaning "horse" (cognate to Latin equus, 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) were 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/).
The Anglo-Saxon rune poem has:
Off with your head
Dance 'til you're dead
Heads will roll, heads will roll
Heads will roll on the floor
Glitter on the wet streets
Silver over everything
The river's all wet
You're all cold
Dripping with alchemy
Shiver stop shivering
The glitter's all wet
You're all chrome
The men cry out, the girls cry out
The men cry out, the girls cry out
The men cry out, oh no
The men cry out, the girls cry out
The men cry out, the girls cry out
The men cry out, oh no
Oh, oh, oh, oh
Off, off with your head
Dance, dance 'til you're dead
Heads will roll, heads will roll
Heads will roll on the floor
Looking glass, take the past
Shut your eyes, you realize
Looking glass, take the past
Shut your eyes, you realize
Glitter on the wet streets
Silver over everything
The glitter's all wet
You're all chrome, you're all chrome
Oh, oh, oh
Off, off, off with your head
Dance, dance, dance 'til you're dead
Off, off, off with your head
Dance, dance, dance 'til you're dead
Off, off, off with your head
Dance, dance, dance 'til you're dead
Off, off, off with your head
Dance, dance, dance 'til you're dead
Off, off, off with your head
Dance, dance, dance 'til you're dead
Off, off, off with your head