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I also have the same fear on that match but funny enough some gamblers will tell you that those are the best matches to bet on than the ones with very small odds however from this 3.5 odds they gave real Madrid don't be surprised that gamblers who would go for that match will choose real Madrid over Liverpool even if they have a higher odd because changes can happen at anytime and who knows if real Madrid will come up because it only takes a moment to see another shape on a club, meanwhile for those who have a weak mind should avoid that match.
Consider the odds offered as the same trap as the previous El Clasico match where Real Madrid, the favorite, It was actually Barcelona who won the match. At that time Barcelona was completely underrated based on the odds, but anyone who bet on Barcelona actually secured a big win. The Liverpool vs Real Madrid match is probably no different, but personally one can never guarantee that because this is football. I only consider such odds as a trap, which is probably safe if just betting for fun.
Considering that this match takes place at the end of the month, I think some changes can still be expected including changes to the odds for both teams. Real Madrid actually deserves to be the favorite based on the depth of their squad, but considering their unstable performance plus it is an away match, Liverpool is the favorite with doubt.
I wouldn't be too certain about what you have just said. Real Madrid is not a club that usually loses several games just like the one against Barcelona. They often times show a strong reaction, which doesn't necessarily mean that they will win their next game guaranteed, but I don't think that Liverpool will beat them 4-0 or so. There is going to be far more resistance because whenever Real Madrid loses like that, their level of awareness in the following games rises sharply to the point that they do at least know how to not get destroyed once again. Liverpool is in great shape, but I don't think they will be pushing for a 3rd and a 4th goal if they take the lead. It's probably more about ball control and solid defense then.