MAKE CERTAIN you've done these things first.
Turn off the computer, take out the graphics card, entirely, then re-seat it.
Unplug the cables going into the card and the monitor, make sure the pins/what-have-you look fine then connect them again.
I can't tell you how many times I've had friends/relatives think they needed a new "x" "y" or "z" item, and the problem was due to a loose connection somewhere. I show up to 'fix' their computer and it takes me 40 seconds, leaving me annoyed and them feeling stupid. Don't ask me how, but cables seem to undo themselves, maybe it's elves? gremlins?
What you described really does seem like a monitor issue due to the mode-switching you mentioned, but until you go through the steps above you're not going to know for 100% sure. Better to be able to fix it yourself than sending your monitor away for 2-8 weeks.
We on the forum have no way of knowing the date you purchased your monitor, model, make, or if there is any kind of warranty etc, but I'm assuming that was mostly a rhetorical question.