I've said it before but I'll say it again...just because alcohol (ethanol) is a depressant doesn't mean it makes you more depressed. It merely shuts down the function of your brain and CNS, and lowers you inhibitions, which may cause you to do stupid things, or at least things you wouldn't do otherwise. At the other end of the spectrum, it reduces worrying and forefront thoughts that may be feeding your depression, hence its (temporary) antidepressant effect.

I'm not familiar with but have read about a certain depression caused by alcohol misuse, since it is a potent drug that does alter brain function, hence the depression when things go awry over time.

Ethanol in small doses does cause euphoria. Following the withdrawal the next day does increase anxiety and a feeling of "crushing sadness", but this is just your brain chemicals adjusting to the withdrawal, and things do get better. Dangerous, yes, but a solution, also. It's all about use verses misuse.