I believe Arsenal will still beat the odds in other games ahead and make this season worth the while much more than they had last season.
But it's not more valuable than a runner up position. What I mean is, the first meeting between Liverpool and Arsenal already showed Arsenal's failure to at least avoid dropping points. This defeat has reduced their chances of winning the title at the end of the season. Overall, I believe Arsenal can still finish the rest of their matches well, but Arteta's squad has already dropped crucial points against a direct rival. So I can say for sure, Arsenal have failed once again this season.
There's still one more meeting between them, so Arsenal still has a chance for revenge. With that goal, Arsenal still has a chance to win the title, but to get there, they need to collect as many points as possible. From their match against Liverpool today, they only need to improve small details of their squad to ensure a smooth journey.
Yesterday to me was another definition of football is a game of luck. I won't say Liverpool was entirely lucky but again I will say luck was not with the Arsenal side they could have won yesterday's match or at least end in a draw game. Arsenal had 7 solid shots which were blocked by the goalkeeper and got about 17 crosses which could have brought a goal opportunity, they also had steady tackles but end up giving up the game to the Liverpool side at the 83th minute of the game when I was actually thinking it would end in a draw game. This lost game really did bad to the Arsenal team as Arteta would have dreamt of having some Unbeaten streaks recorded but it didn't come into fruition. I see it as a challenge for the Arsenal side to perform better in their second meeting.