I'm pretty sure Liverpool can reach the final round at least. However, I agree that Liverpool must be careful with Real Madrid and other big teams in UCL.
Fatigue is a huge problem under Klopp's tenure. I remember they were trying to chase 4 cups a few years ago, or even last year when their chance to win the Europe League was high they failed to do so because their form deteriorated near the end of the season. I think Slot needs to find a solution for that. Maybe the frequent rotation in midfield or early subs is one of those. I wonder if that will be enough to face against teams that traditionally make it difficult for them like Madrid. They can control the game but I'm pretty sure Madrid will try to be lethal with their counter. Hopefully, their match will be interesting to watch.
With the potential of Liverpool today, a long victory can be seen than Real Madrid, even though he has to be careful of Real Madrid, if Madrid really succeeded must be careful.
Victory is very important for Real Madrid because he is not in a safe zone, so they will do the match wholeheartedly and very hard to get the remaining match in order to enter the next round.