This new signal that is placed on coax - is it still considered
Ethernet?
No.
Ethernet is a series of physical (various media) and data-link protocols (very few variants). The (obsolete) 10Base-5, 10Base-2, and 10Broad-36 versions of ethernet ran on coax. There are some special variants of ethernet that run on coax or other media for short distances, but the most common variants run on different standards of UTP and fiber.*
Cable modems use the DOCSIS (Data Over Cable Service Interface Specification) standard to run on a hybrid coax/fiber infrastructure.
*This answer, while not completely inclusive of all, lists many different ethernet variants, some of which are obsolete or only used in special cases, e.g. inside a device
.