This paper introduces Elliptic Curve Modulation (ECM), a novel modulation scheme that can be leveraged to effectively shuffle transmitted data while maintaining symbol error probability (SEP) performance equivalent to unencrypted systems. By utilizing the well-distributed elliptic curve points over the field of large primes, ECM enhances symbol obfuscation, making it a powerful foundation for physical-layer encryption (PLE). Each symbol is mapped from a predefined key while preserving a minimum Euclidean distance constraint, ensuring strong security against adversarial inference without compromising error performance. Building on ECM's strong obfuscation capabilities, we propose ECM with dynamic rotation (ECM-DR) as a practical PLE scheme that achieves near-maximal obfuscation while balancing precomputation complexity. By leveraging a reduced subset of precomputed elliptic curve points and key-based dynamic constellation rotation, ECM-DR ensures that each transmission remains unpredictable, significantly enhancing security compared to traditional PLE schemes without additional computational cost. Security analysis confirms ECM's resilience to brute-force attacks, while numerical results demonstrate its strong obfuscation capabilities. Furthermore, ECM-DR achieves near-maximum information entropy while preserving the SEP performance of unencrypted quadrature amplitude modulation (QAM), offering an extremely robust solution for secure wireless communications.