The effects of Lincoln’s issuing of the Emancipation Proclamation include:
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Morale in the South dropped as people realized they were about to lose the war. - This is partially true; the morale of some in the South may have been affected as they faced the realities of a protracted war and potential loss, but it is not a direct consequence of the Proclamation itself.
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Slaves in the border states were freed in January 1863. - This is false. The Emancipation Proclamation did not free slaves in the border states (such as Kentucky, Missouri, Maryland, and Delaware) as it only applied to the Confederate states in rebellion.
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Abolitionists in the North were upset that the Proclamation did not do enough. - This is true. Many abolitionists felt that the Proclamation was a limited measure and did not go far enough in freeing all slaves or addressing the issue of slavery comprehensively.
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It won the sympathy of Europeans, making it less likely for them to support the Confederacy. - This is true. The Proclamation shifted the moral grounds of the war, framing it as a fight against slavery, which garnered sympathy from European nations that were increasingly opposed to slavery.
In summary, statements 3 and 4 are accurate effects of the Emancipation Proclamation.