This is the classic emergency in a green-water pond, and it plays out at dawn. During the night, micro-algae stop photosynthesising and switch to respiration, so dissolved oxygen concentration reaches its lowest point just before sunrise. The denser the algal bloom, the more severe that drop.
The immediate response is mechanical. Run the air pump continuously, day and night, direct a pump return towards the surface, and restart the waterfall if you had switched it off. Suspend feeding for two or three days until the situation stabilises, as digestion consumes oxygen and uneaten food consumes even more as it decomposes.
Only then should you take measurements. The general target is a dissolved oxygen concentration comfortably above five milligrams per litre, measured early in the morning rather than mid-afternoon, when the reading is flattering and misleading. And if you need to remove plant biomass, do it in stages — never during the critical episode itself.