from The Century Dictionary.
- noun In the Thames valley, the migration of young eels up the river.
- noun A fry or brood of eels.
from the GNU version of the Collaborative International Dictionary of English.
- noun (Zoöl.), Prov. Eng. A brood of eels.
from Wiktionary, Creative Commons Attribution/Share-Alike License.
- adjective rare, obsolete the movement of
eels, especially migratory
Sorry, no etymologies found.
With respect, when you make a word the second element in a compound its initial consonant is no longer an initial, by definition; in the sentence "the eel fares well" the f- is initial, but in eelfare it's not, and different rules apply.
1 Elver 'a young eel' is a variant of eelfare 'the passage of young eels up a river; a brood of young eels'; the first OED citation shows nicely the phonetic development: