Ecological hypoxia condition of concern environment relation rising of nutrients like nitrogen and phosphorous.the range between 1 and 30% saturation—is called hypoxic or dysoxic. Most fish cannot live below 30% saturation. A "healthy" aquatic environment should seldom experience less than 80%. The exaerobic zone is found at the boundary of anoxic and hypoxic zones.
Eutrophication leads to low dissolved oxygen concentrations، it is necessary for fish and aquatic breathed, and lead to the death for those aquatic, that in case non-harmful algae. In the case of toxic algae that eutrophication leads to put up large amounts of toxins that lead to loss of fish
Eutrophication normally causes hypoxic or anoxic condition in the water body which hamper the normal physiological states of the fishes living there and ultimately leads them to death. Again eutrophication can create harmful and even toxic algal bloom which is responsible for mass mortality of fishes and other aquatic animal. So it can be anyone or both of them (HAB and DO).
Interesting discussion . Eutrophication consumes available dissolved oxygen , to create anoxia , thereby , load of nutrients also far exceeds to build up really high osmotic concentration of water , a discomfort to aquatic life...