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
Liverpool will be playing in the Europa League for the first time this season, Liverpool were considered one of the favorites when they qualified for the Europa League. Based on the performance of the teams that have qualified for the Europa League, Liverpool is considered as the most favorite because Liverpool's performance is ahead of all the other teams. Liverpool are expected to win the Europa League title for the first time this season.
We've only seen Liverpool's performance in the pen stand apart from the rest, but on the pitch, the team will prove worthy of winning the Europa League title.
Liverpool will still be one of the favorites for the Europa League if their performance in the English Premier League is taken into account.