It’s bad… I guess

Hi! My ones thriving Eucalyptus Deglupta is now at its lowest.

Its branches are somewhat “drooping” and after a short period of stress the upper part was damaged and never properly recovered. It also has some strange bubbles(?), there are no pests, fungi, etc.

I consider just cutting it in half for lower new branches to dominate (but mid winter is the bad time I think?).

What would you consider?