The euphoric effects of ethanol are probably due to its causing the release of endorphins, the body's natural response to pleasurable activity.

The CNS depressant effect likely is due to ethanol's acting on the BK channels. A BK channel is a calcium dependent potassium channel. Ethanol potentiates the activity of BK channels, which reduces the excitability of the neuron. It has been known to act on GABA receptors, but this is probably just a secondary effect from activation of the BK channels. Its effect on GABA receptors is probably similar to the action of benzodiazepines such as diazepam. GABA is an inhibitory neurotransmitter, meaning it acts to slow down or inhibit nerve impulses. Ethanol increases the effectiveness of GABA acting through GABAA receptors. When used over a long time, ethanol changes the number and type of GABA receptors, and this is thought to be the cause of the violent withdrawal effects of alcoholics.