If you simply want to transcribe the letters of the word heathen using the elder futhark, you appear to have done that correctly. Given that the origin of heathen is in the Anglo-Saxon word hæþen, it might be interesting to choose that form over the modern one and write it using Anglo-Saxon runes, in which case you get:
ᚻᚫᚦᛖᚾ
(If the characters don't display correctly, the names of the runes to use are: hægl, æsc, þorn, eh, nȳd.)