Ethanol is a CNS depressant. It is only thought to be stimulating when individuals experience its disinhibiting properties and confuse this with CNS stimulation (which does not occur with ethanol).
Depressant. Ethanol depresses the central nervous system (CNS) via the reticular activating systems by interfering with ion transport at the cell membrane and interacting with gamma-aminobutyric acid...
Stimulants are drugs that speed up the signals passing throught the Central Nervous System (CNS). The CNS is the system that controls your feelings, such as contact with something.