I do feel Champions League is still possible, it's not the first time that Liverpool only had 1 or 3 points after 3 games and still bounced back.
For premier league, there is only one hope, once the injured players are back, do not fall back into injury. If we can keep Gerrard, Torres, Riera, Johnson, Aquilani,... fit, so we only have to rotate and are not forced to sub, then I think we are gonna see some bits of the liverpool of last year.