Liverpool current condition is certainly very supportive to get 3 points from Real Madrid. But personally I will not underestimate Madrid because we have to remember in the past when Liverpool was favored but it backfired which ended in defeat with an aggregate of 6-2. At least with the new format Liverpool did not play Leg 1 and 2. Real Madrid game is unstable and this is the right time for Arne Slot to design a strategy to beat Ancelotti.
Yep, Liverpool is really lucky that's a new format, so they can take advantage of playing at home to intimidate Real Madrid in order for them to win the match. However, if not for the present condition of Real Madrid, I don't think that any club can intimidate them away from home, but Real Madrid needs to prepare seriously for this match, if they don't want that to happen. This is because Liverpool is in a consistent state, and have the quality to win at home.
In my opinion, Real Madrid is not a team that is easily intimidated by opponents, even from the Liverpool team that is on fire. We know how Real Madrid is in the Champions League, how they have risen in the Champions League so don't underestimate Real Madrid even though they are currently unstable.
I remember a few seasons ago they were also underestimated in the UCL league, but they managed to beat PSG, Man City, and Chelsea, which at that time in all those matches Real Madrid managed to make a Comeback also like last season. Real Madrid when making mistakes that make them slump does not mean they are silent with their slump but they will immediately rise.
So I think Real Madrid's rise begins when they visit Liverpool's headquarters, especially since Thibaut Courtois is rumored to be returning and starting against Leganes after the international break which means he can be played again against Liverpool.