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.
I don't think so. Liverpool's consistent form and winning mentality sets them apart from Arsenal this season, it is impossible for Arsenal to be able to catch up or even upset Liverpool in the race for the English Premier League title this season. I think it’s best for Arsenal fans to remove all hope of winning silverware this season to avoid further disappointment.