Our general principle is that designers should design machines to account for common learned behaviors (like flipping up for on) to make machines that are not dangerous or inefficient.
E violates this principle because both red and yellow are associated with caution, stopping/slowing, or negative things, albeit in varying degrees. One would generally associate the color green with starting, and the colors red or yellow with stopping and pausing.
This question is old (mid 1990s), and relies on certain cultural assumptions that may not be universal.