Mikel Arteta concedes there remains an "enormous gap" between Arsenal and Liverpool despite seeing his side defeat the Reds 2-1 on Wednesday night.
Jurgen Klopp's men took the lead through Sadio Mane after 20 minutes at the Emirates, only for the Gunners to respond in defiant fashion.
Alexandre Lacazette fired home an equaliser in the 32 minute before the Frenchman set up Reiss Nelson for the winner 12 minutes later.
The win sees Arsenal rise to ninth in Premier League, still a massive 40 points shy of league leaders Liverpool, with Arteta adamant his side must build upon their performance against the Reds with plenty of work still ahead for them.
"Absolutely, in terms of energy and happiness in the dressing room before the semi-final, it's a good medicine," Arteta said post-match.
"To beat this team you have to have moments in the game when you take your chances, defend and have a bit of luck. I was worried after 1-0 how we would react. We were able to pick one moment and believe again.
"We will go for both [competitions], our maximum, it is just a few games so we will keep going.
"The gap between the two teams today is enormous, we can not improve it in two months, but the accountability, the fight is now equal and I am very proud of that. The rest will take some time.
"Arsene [Wenger] did some incredible things and was very successful. I have done nothing yet. We need belief to go in the direction."
After a relatively disappointing season, Arsenal's fans will be hoping to see some serious investment put into the squad over the summer but Arteta isn't getting his hopes up.
Asked about the club's finances, Arteta added: "A big concern, you need quality, quality players and a big squad to compete in these competitions. It is a challenge."
The Gunners next face second-place Manchester City on Saturday before rounding out their season with games against Aston Villa and Watford - two sides battling against relegation.
As it stands, Arsenal are only six points shy of the top four and could still seal their place in the Europa League if results go their way over the next fortnight.
