Yes, alcohol does affect testosterone levels. It increases the activity of an enzyme called aromatase, which converts testosterone into estrogen. This process happens in various tissues, not just in the testes of males. Regular ingestion of alcohol can increase estrogen levels in both males and females, largely through this aromatization process. While there is some dose dependence, if you're trying to optimize your testosterone-to-estrogen ratio, regardless of your gender, you'll want to avoid drinking too much alcohol. Even moderate alcohol consumption can have an impact. For instance, having a glass or two of wine four nights a week could potentially affect your hormone balance.