Indeed it's a big shame to Liverpool the season, after all their efforts in the beginning of season they couldn't make it in the champions league round 8, even though the Carabao Cup that they are supposed to win easily they still couldn't make. However, I think their only hope lies in the premier league right now so is quite sating that this season title would surely be in their favor because Arsenal doesn't have what is takes to compete with them.
Liverpool players loss their spirit when they were eliminated from the Champions League because in the qualifying round they performed quite well where they won 7 matches with only one defeat. But in the last 16 they had to admit that PSG was the strongest team that buried their hopes in the Champions League. In the Carabao Cup, Liverpool's performance was not very good, they even lost their sharpness as they had in previous matches so that Newcastle United managed to beat them.
Losing two hopes, even one of which was one step away from winning the trophy, was certainly a big disappointment that Liverpool players had to accept. For now they have to focus on the domestic league, even their current advantage does not guarantee that they will be safe because there are still many matches left. So it's better to focus than to experience the same disappointment at the end of the season.