Liverpool is a big club in the EPL, they're not supposed to be in the Europa they're supposed to be competing in the UCL but due to some circumstances they found themselves playing in the Europa League however they one of the strongest team in the competition and moving to the next round shouldn't be a very big task for them that's why they're really doing well in their group stage and had a wonderful score line in their last match.
It is the same as Arsenal and Man United in the previous season. They were in Europa league although they deserved to play in UCL.
Well, I think it is no problem that Liverpool to compete in Europa league this season, they can have a higher chance to win a title. If they are in UCL, the chance to win the title will be smaller due to many strong teams there.
So far, Liverpool performed very well. I expect they can reach the final round and win the title. It will be a shame if Liverpool fails to win the title because they are the strongest team in this competition this season.
It's not impossible for Liverpool to win the Europa, they got a strong team, good defence and a coach that's got good strategies but it's not going to come easy cause some top clubs would still be relegated from the UCL to the Europa League and could give them a big problem thereby reducing their chances of reaching the finals, well they're in a good form and if they maintain it they could reach the final.
It is very possible they win the title. I even think they must win the title to prove that they deserve to play in a higher competition (UCL). However, Liverpool mustn't underestimate the teams in Europa league, they can surprise Liverpool at any team. Roma and Bayer Leverkusen are the favorite teams to win the title, too.