Without a top-flight win since November 1, the Gunners sit just four points and three places above the bottom three with 14 games gone.
And Arteta is under no illusions that his team could be dragged into a fight for survival this term, despite their standing as a club.
Asked if the next three games could prove decisive on that front, the Spaniard replied: "Yes, absolutely. The next seven to eight days are going to be crucial to see where we're going to be heading to in the Premier League.
"I have been very clear in many moments that we are losing football matches. It is my responsibility to put that right and, regardless of what happens, it's been us that have let ourselves down and it's down to us to change that."
On the threat posed by Frank Lampard's men, Arteta added: "In this moment, you're probably talking about the strongest squad in the Premier League and a team that is going to be fighting for the top spot for sure.
"What they did seems to be working fine and at the moment we are not there."