Arsenal of course after the victory over Real Madrid, their confidence increased and the victory over Real Madrid was also not a narrow victory but they got a landslide victory. Of course this will affect their performance in the EPL so that it puts pressure on Liverpool. If Liverpool cannot be consistent in the remaining matches this season then get ready Liverpool will lose the opportunity to win the trophy. Indeed, logically Liverpool cannot lose four times in a row but in football you have to leave a little about the magic.
I agree with you, things can turn out that way. If Arsenal plays like they did against Madrid, I think they can make the difference, Four games in a row isn't an impossible thing to happen. Yes, it can happen, as long as the mathematical possibilities are there, it's probable.
In my very personal opinion, I think Liverpool has already wrapped up the Premier League, but we'll have to wait and see; anything can happen.