Craze beginning to ebb and die away (4)
I believe the answer is:
fade
'die away' is the definition.
(I've seen this before)
'craze beginning to ebb' is the wordplay.
'craze' becomes 'fad' ('fad' can be a synonym of 'craze').
'beginning to' indicates taking the first letters.
The initial letter of 'ebb' is 'e'.
'fad'+'e'='FADE'
'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.)" .)