What’s causing my high E2, the test or HCG?

Been on TRT for about 2 years, and HCG for the last year. E2 was normal for the first 9 months of HCG. My E2 levels: Last November- 52 (ref range < OR = 39). In January it was 115 (ref range 56-213). Currently is it 214 (ref range 56-213).

My T levels have stayed stable between 800-900.

I take: 50mg Testosterone & 500 of HCG on Monday & Friday (both IM)

I have no symptoms of high e2, that I can tell. But my question is: is the HCG causing my E2 to increase? Or should I lower my T intake?

Apologize if I left out any info