Chosen answer is kinda outdated.
As of Giraffe | 2022.3.1 (Stable): when changing the default android avd folder, you need to add a new environment variable for ANDROID_USER_HOME. The value should lead to the location of the new folder, in your case:
ANDROID_USER_HOME = E:\Android\.android
If you have android studio with a lower version (4.3 or earlier), you have to use ANDROID_SDK_HOME instead of ANDROID_USER_HOME.
ANDROID_SDK_HOME = E:\Android
To override the user preferences location for those
older tools, set ANDROID_SDK_HOME to the parent directory you would
like the .android directory to be created under.
If you have AVDs and you're not able to run them after changing the location of the .android
folder.

Then you might want to look at the *.ini
configuration file of each of your AVDs. It is located inside the avd folder E:\Android\.android\avd

If each emulator's path
does not lead to the new specified location, correct it.
