Arsenal still have a chance, but it's obviously very tough because they are not only required to play well consistently, but they also have to hope that Liverpool will struggle in the following games. But if Arteta can be realistic, then it would be better if they quickly waved the white flag in the EPL race, so they can focus on other competitions (eg, the Champions League), and that might increase their chances there.
You said Arsenal has a chance to do what exactly? Win the league! Is it EPL or the Championship? Because if it's EPL then surely you might be having a nightmare, even Arsenal fans themselves can't and won't be dreaming of such as it stands now. An Arsenal team that's rocked with inconsistency can never win the league. Even if Arsenal was top with 13 points in place of Liverpool, I bet you Arsenal will still look for a way to bottle it without any second thought about it. Sorry but that's just how I see the team.