The Lord teaches us -
"The duty of the elders, priests, teachers, deacons, and members of the church of Christ—An apostle is an elder, and it is his calling to baptize;
39 And to ordain other elders, priests, teachers, and deacons;
40 And to administer bread and wine—the emblems of the flesh and blood of Christ—
41 And to confirm those who are baptized into the church, by the laying on of hands for the baptism of fire and the Holy Ghost, according to the scriptures;
42 And to teach, expound, exhort, baptize, and watch over the church;
43 And to confirm the church by the laying on of the hands, and the giving of the Holy Ghost;
44 And to take the lead of all meetings.
45 The elders are to conduct the meetings as they are led by the Holy Ghost, according to the commandments and revelations of God." (Doctrine and Covenants 20:38–45)
Thus, an elder is a Melchizedek priesthood holder.
An elder is also an ordained office in the Melchizedek priesthood. We are never released from an office in the priesthood.
And Elder is also a title of significant setting apart as dictated by the Church. Usually for general authorities and missionaries. Bishop is a set apart position. We are never called by our ordained office. The title president is used to referred to presiding quorums. Brother for everyone else.