Craze beginning to ebb and die away (4)
I believe the answer is:
'die away' is the definition.
(I've seen this before)
'craze beginning to ebb' is the wordplay.
'craze' becomes 'fad' (synonyms).
'beginning to' says to take the initial letters.
The initial letter of 'ebb' is 'e'.
'and' is the link.
(Other definitions for fade that I've seen before include "Grow paler" , "Gradually disappear from view" , "Lose colour or vitality" , "Grow fainter" , "Deaf (anag.)" .)