When did she last shed? Has her sheds been in one piece? That looks to me like a shed that has not come off yet. I could be wrong but dehydration doesn't really look like that alone. It could be a combination of factors but I think the primary and maybe only reason your ball looks like an old man is because one, she is about to shed or has not had a successful shed and two, she is white and it shows it off more predominantly in that picture.
I just hope this isn't looking at a stuck shed (I am not thinking so). What is the humidity at?