Seeing Liverpool's strength, of course, they are the favorites
Liverpool strength is not new and the team has been elite for a long while too; they just had an injury ravaged season inn the previous campaign which derailed their performance and forced them down only to Europa league spot in the previous campaign. Can Liverpool push for the Europa league title and top 4 simultaneously? Time will tell
If Liverpool can maintain the performance they currently have or if Liverpool can remain consistently in good condition like now then of course I am quite sure Liverpool will be able to secure a ticket to the Champions League by being ranked in the top 4 in the Premier League. And I am also quite sure that Liverpool will win the European League title. But Liverpool has the opportunity to achieve all of this if Liverpool is not hit by another storm of player injuries.
Currently Liverpool looks very convincing both in the European League and in the Premier League. Even in the Premier League Liverpool are unbeaten with 5 wins and 1 draw. So the hope for Liverpool to remain in the top 4 is very big. It could even be surprising that Liverpool is a strong candidate to win the title this season in the Premier League. Because currently Man City is experiencing a decline in performance due to injuries to several of their core players. And Liverpool must be able to take advantage of this this season.