The Gunners signed off for the season with victory over Everton and Europa League qualification.
On the fans' belief, Arteta said: "Absolutely, they have given me many reasons throughout the season - and they have shown with many factors - in the way they turn up. The atmosphere that they built, home and away for these players.
"I think they can see what we are doing, they see what the players want to do, how they represent the club, the values on and off the pitch, who we are as a group. Then we have the level that we have, and it has not been enough.
"We have to make a clear assessment on that, and how we are going to take the club now into the next level, and if we want to do that, we know what we have to do."
He also said: "I cannot assess today the season, I'm sorry. I am still in a lot of pain after what happened on Monday, and I would like to have a fair assessment on what we've done. What I can guarantee you is that I have - we have - tried to squeeze the lemon as much as we possibly can, to every single drop, and we reached to the point where we reached. I know - I think we all know, and you can see the reaction from the fans towards the team - that you see what we have on the pitch, and what this club has (achieved) ten years ago, twenty years ago - and we know where we have to go."
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