Because Eärendil had undertaken this errand on behalf of Men and Elves, and not for his own sake, Manwë forbore to deal out the punishment of death that was due; and because both Eärendil and Elwing were descended from a union of Elves and Men, Manwë granted to them and their sons the gift to choose to which race they would be joined (a gift that was further passed to the children of Elrond, who became known as the Half-elven). Elwing chose to be one of the Elves. Eärendil would have rather been one of the Men; however, for the sake of his wife, he chose to be one of the Elves.
The Valar, having listened to Eärendil's plea, went with a mighty host to Middle-earth, and overthrew Morgoth, and bound him. Eärendil took part in the battle, riding on Vingilot beside Thorondor and the Eagles. It was his blow that slew the great dragon Ancalagon and cast it down onto Thangorodrim, the event which, along with the sheer devastation caused by the War of Wrath, led to the Ruin of Beleriand.Eärendil's fate was to eternally traverse the Great Ocean with the Silmaril that Beren and Luthien had wrested from Morgoth and guard the Sun and Moon.
In the Second Prophecy of Mandos, it is told that Eärendil will return from the sky for the love of the Sun and Moon that Melkor would blot out, and fight in the Dagor Dagorath.
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