A League Cup final defeat by title rivals Manchester City in March was followed by an FA Cup quarter-final loss to second-tier Southampton, which ended Arsenal's pursuit of a quadruple.
They were also briefly knocked off the top of the Premier League by City, but four wins in five games across all competitions means the London club enter their penultimate league fixture with a two-point lead.
They have also sealed a spot in the Champions League final, where they will take on holders Paris St Germain.
"The team is really present. It's living in the moment. It's emotionally in a really good state. The energy level is the right one," Arteta told reporters ahead of a home game against Burnley on Monday.
"We have most players available now. OK, we lost Ben White the other day, but the other ones are coming back as well.
"Everyone is so enthusiastic and so positive about the way we can finish the season."
Arteta confirmed that defender White had suffered a long-term injury, leaving Arsenal short-staffed at right back with Jurrien Timber also sidelined.
"We need to look at alternatives. The two players we have are not available at the moment. So we need to look and do something else," the Spanish manager added.
"The good thing is that we have experienced that all over the pitch this season, because when we have had issues, normally they've been in the same position as well, and we have still managed to find the right level of performance and consistency, so I'm sure we will do that."
Arsenal lead the standings with 79 points from 36 games, two ahead of City, but Pep Guardiola's side have a superior goal difference.
Asked if Arsenal needed to score more in the event that goal difference decided the title, Arteta said: "First, we have to earn the right to win the game. Obviously, if you can make a difference with more goals, that's even better...
"But we know ideally that scoring goals is going to be important."