If it's up to me I would definitely term Liverpool clear favorite to win this game although I understand that Real Madrid are really something else when they get that playing formula working on a good day. Liverpool currently are in form more than real and besides anfield is one of the stadium any team would avoid playing because only the fans reaction can cause upset and demoralization of their opponent.
In terms of statistics, Liverpool have indeed performed more consistently than Real Madrid this season, but Real Madrid are a team that should be watched out for at all times. Ancelotti squad reputation in the Champions League is certainly well known, there is no stadium that is scary for them. Liverpool do benefit from acting as hosts, but still, it takes a lot of luck to be able to beat a team like Real Madrid. We know the injury factor that Ancelotti is currently facing can benefit Liverpool, but personally I still see this as a match with balanced strengths.
It is essentially difficult to predict the outcome of the match between Liverpool versus Real Madrid, maybe many bettors avoid the match. Meanwhile, if you look at the standings, Ancelotti is required to be able to bring home three points, because that will automatically affect their chances of qualifying for the last 16. Meanwhile, Liverpool will try to confirm their position at the top, and in fact no one expected the Premier League representatives to appear that consistent this season especially in the Champions League.