sed -e '/^[^\/]*\/[^\/]*\/[^\/]*\/[^\/]*$/ s%/%%g'
The gruesome pattern looks for start of line, a sequence of zero or more non-slashes followed by a slash, more non-slashes and a second slash, more non-slashes and a third slash, more non-slashes and the end of line. On any line that matches that, substitute the slashes by nothing globally.
There are other ways to write the regex, but they aren't substantially clearer. This will work in pretty much any version of sed. So will this:
sed -e '/^\([^\/]*\/\)\{3\}[^\/]*$/ s%/%%g'
It looks for start of line, 3 units of (zero or more non-slashes followed by a slash), zero or more non-slashes and end of line.
If your sed has extended regular expressions (GNU sed, for example), then you can gain some notational convenience.
sed -r -e '/^([^\/]*\/){3}[^\/]*$/ s%/%%g'
sed -r -e 's%^([^/]*)/([^/]*)/([^/]*)/([^/]*)$%\1\2\3\4%'
The latter captures the four sets of 'zero or more non-slashes' and pastes them together to make the replacement. You could write that with the non-extended regular expressions, but it would be even more laden with backslashes than before.
/opt/hal/9000/monitorwith 4 or more slashes in it; it should also be left unchanged.