I drink less than before since my tolerance has decreased, but other than that I decided quite early that other than keeping in mind the lower recommended maximum intake for women (I presume this is based on hormones as well as body weight), I would not stop drinking or become exceedingly moderate. While I'm sure alcohol has some minor effect on HRT, a lot of things do, and avoiding them all would make life quite boring. I focus on healthy eating (though also I have to take care not to make too strict rules, as I'm prone to orthorexia), and I stopped using tobacco (Swedish snus) around when I started HRT. I think such things are more important, since we after all eat several times a day, and people who use tobacco tend to do so quite often; in my case it was continuous.
HRT seems to be working well with me (I'm positively surprised to be honest), and my liver values (ALAT, ASAT and so on) are at the lower end of normal range, so it does not seem to affect my liver negatively in any way. I'm on Spiro and Estradot patches; whether this would be different if I was taking estrogens orally, I don't know.
Lastly, I think it's important to listen to your doctor, especially if their advice is due to changes in your blood tests. HRT does affect the liver to varying degrees depending on delivery mechanism, and obviously alcohol could have a detrimental effect if the liver values are elevated, or under any circumstance if used excessively.