The Reds boss saw his team clinch their second Premier League win of the season against Blackburn Rovers on Sunday, although the 2-1 victory was not enough to lift the Merseysiders out of the bottom three.
Liverpool have so far endured a miserable start to the campaign, but with the weekend triumph following Thursday's valiant point at Napoli in the Europa League, some are suggesting it has been a significant week for Hodgson's men.
And while the Anfield chief believes his charges are on an upward curve, he insists there is plenty of work to be done before Liverpool are back on song.
"I'd be lying if I said it felt like a turning point. That would be a facile thing to say," said Hodgson, whose side venture to Bolton this Sunday live on Sky Sports HD1/1.
"I've got faith in the team and the way we played in several of the games. We were worse at the beginning, but we have got better.
"Sunderland (2-2) was not that bad. Blackpool (a 2-1 defeat) was such a wretched first-half performance where we shot ourselves in the foot and couldn't get back in.
"Everton last week (a 2-0 defeat) I thought we paid a high price for the second goal, which shouldn't have been allowed.
"We allowed Everton to get on top of us in the first 20 minutes by passing the ball too short and never turning them round.
"I saw the statistics the other day from the Everton game and I've never in my Premier League career seen statistics as positive as they were in terms of passing, accuracy and tempo of passing, number of shots and crosses.
"Those statistics hearten you because you know you are not playing badly, but they don't get you any points.
"We had the same level of passing and intensity against Blackburn, but we were much more incisive, getting behind them down the flanks more.
"Jamie Carragher was bombing forward like Carlos Alberta of old.
"It was the right sort of performance; we've got to give another 29 like that and if we can do that then we won't go too far wrong."
The Liverpool manager believes a new benchmark has been set for the players and he now expects them to maintain that standard.
"I don't think we can play a lot better than we did against Blackburn," said Hodgson.
"With the team we have at the moment, if people expect us to really play a lot better football than we did for 70 minutes at the start of the Blackburn game they are going to be asking a lot.
"What could happen is we could get a lot more goals for that performance but I don't think we could play better.
"We conceded next to no goal chances, we pressurised the ball and won it back quickly, our passing and movement was good and it was only good goalkeeping, some goal-line saves and a few blocks which made the difference.
"It could have been a clear victory so I suppose for me it is much more a case of wanting the team to continue along these lines and, most importantly, continue to battle because we are in a battling situation.
"We are still closer to the relegation zone than we are to the top of the table and if we get beat next week at Bolton we are suddenly back to square one again.
"There is nothing to do other than keep working at it.
"We need to show a bit of humility and accept if we are not the Liverpool of yore we will try to become it."
Hodgson's reign has been played out against the backdrop of off-field ownership issues.
Now they have been concluded after New England Sports Ventures' £300million takeover the hope is that a period of stability and growth with follow.
Hodgson hopes the new owners will back him in the transfer window while he continues to try to get the best out of the squad he inherited when he took over from Rafa Benitez on 1st July.
Asked whether he had underestimated the job ahead of him when he moved from Fulham, Hodgson replied: "I knew that everything was not as it should be, not least of all because of the worries hanging over the club in terms of who was going to own it and whether there would be money for new players and to re-invest.
"I also knew there were doubts about the size and the quality of the squad - but you don't know if those doubts were correct until you come in and start working with the players.
"I came with my eyes open, but I did come in knowing the expectations on us could be greater than what we are capable of achieving, immediately.
"The only way I thought that could be dealt with was by working on the field of play, making sure we are organised and know what we are doing and every player knows his job."
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