All three teams look very good, but after the match with Liverpool, City have a nagging problem, Ederson, according to preliminary estimates, could be out of the game for a month. Most likely, he will miss the cup match with Newcastle and will not play in the match with Arsenal, which could perhaps be a very big problem for Guardiola. So far, each team has an almost equal chance, but the next few rounds could be decisive if Arsenal manage to win, or if City beat Arsenal.
Ederson's injury and a month's recovery time will prevent Ederson from appearing in the important match against Arsenal. This would be a huge loss for City. Arsenal has scored 70 goals in PL. This shows that Arsenal played very aggressively, and created many shots on target. Without a main goalkeeper, I think it will be difficult to contain Arsenal's aggressiveness in the penalty box. Steffan Ortega is a good goalkeeper, but I don't think it will be the same as Ederson. City must be able to defend very well in that match. This will be a tough job for Pep Guardiola.
For Pep Guardiola, the most important strategy of this match should be not to give Arsenal too many attacking chances. If Arsenal find too many chances, goalkeeper Ortega may struggle. Ederson was giving confidence in the goal, but considering that they will be fighting with the backup goalkeeper, the players in the defense area have more responsibility. They must be very good and not make any mistakes in that match.