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If we look at EPL table then it's clear that Liverpool has played exceptionally well throughout this season, they have lost only one game and won 21 games this season. Arsenal was out of EPL title race when they lost there games against WHU, Arsenal likely to finish second on points table third time in a row provided they perform well in upcoming matches else they might go down on points table. It's strange to see that Liverpool who has done so good in EPL was not able to perform well in other competitions.
Of course, Arsenal can only hope and try to continue to perform well and secure their position in the Champions League zone. They can no longer hope to win the title, unless Liverpool really experiences a very significant decline in performance. I don't think Liverpool will experience that, they will definitely fight hard to win the Premier League title this season.
There is nothing to distract Liverpool anymore, I mean they just need to keep their focus on one competition which is the Premier League. They have been eliminated from all other competitions and now Liverpool will only secure the Premier League. Arsenal of course still have other competitions they need to fight for, but their chances of continuing to the semifinals are probably very low considering their opponent is Real Madrid.