Martin Skrtel's header in the seventh minute of added time prevented Arsenal from winning their sixth game in seven outings this evening.
The Liverpool centre-back, whose serious head injury was the reason for the hefty stoppage period, rose highest to head home a corner as it finished two apiece at Anfield.
The Reds had dominated the opening period but gone in level after Mathieu Debuchy cancelled out Coutinho's opener within minutes just before the interval.
Olivier Giroud gave Arsenal the lead, but they were unable to hold on despite Fabio Borini being sent off at the start of added time.
Here, Sports Mole picks the bones out of an enjoyable, if a little scruffy, 90 minutes on Merseyside.
Match statistics
Liverpool
Shots: 27
On target: 10
Possession: 64%
Corners: 10
Fouls: 6
Arsenal
Shots: 7
On target: 3
Possession: 36%
Corners: 6
Fouls: 14
Was the result fair?
Probably not, no. Even though Liverpool were the ones who snatched a point late on, they will feel that they should have taken all three. Arsenal were extremely poor in the first half and somehow went in level. The second half was a little more even, with Giroud's goal one of the rare moments of quality. Liverpool didn't create many superb chances, but they were the side doing all the pressing and got their goal in the end.
Liverpool's performance
Despite again playing without a recognised striker, Brendan Rodgers's side were excellent in the first half, especially considering Arsenal were on the back of successive 4-1 victories. They had around two-thirds of the ball against the side with the highest average possession in the league and were completely outplaying the Gunners. Eventually it resulted in Coutinho's cool finish, but they didn't keep their concentration and gave away a sloppy goal. Skrtel will wonder how the smaller Debuchy beat him in the air.
Still, it was impressive from the hosts given the odd 3-4-3 formation on show. They continued to see more of the ball after half time and just look at those shooting stats - 27 to Arsenal's seven. Rodgers will be unhappy with the way Giroud was able to easily pull into space and finish to put Arsenal ahead and defensively they looked suspect at times.
Raheem Sterling started as the striker again but didn't have anywhere near as much joy as against Bournemouth in midweek. In the dominant first half it was wing-backs Jordan Henderson and Lazar Markovic who impressed most, while Adam Lallana showcased some nice touches throughout. Overall a good performance, but boy do they miss Daniel Sturridge as a focal point in attack. As for Borini, that could be his last appearance for the Reds and what a bad, but fitting way to go.
Arsenal's performance
Plenty of questions will be asked of the Gunners today. Arsene Wenger's men should have been at least a goal behind at half time but somehow went in level. The front three of Danny Welbeck, Olivier Giroud and Alexis Sanchez were non-existent in the opening 45 and didn't get much better after the interval. Giroud got the goal and a nice one too, but a poor attacking display on the whole from the visitors.
It wasn't much better in midfield and Mathieu Flamini can count himself a tad lucky not to have been sent off for two bookings in the first half. Santi Cazorla had more of an influence in the second half and played the neat one-two with Giroud for the goal. Alex Oxlade-Chamberlain certainly isn't a deep-lying central midfielder and Wenger might have been better off starting Francis Coquelin.
The inability to string passes together and hold possession will be what concerns Wenger most. With no Jack Wilshere, Aaron Ramsey and Mikel Arteta, the Gunners just couldn't live with Liverpool's pressing game. The Gunners will know that they perhaps didn't deserve anything from the game, but conceding so late, especially from a corner, will be a blow.
Sports Mole's man of the match
Jordan Henderson: In what was a very scrappy affair, it's hard to pick out one man who shone. Henderson edges it for his lung-busting display down the right. He worked ever so hard both going forward and in defence and set up the first goal.
Biggest gaffe
Coutinho might have scored the first, but when presented with a similar chance in the second half his shot was so tame and more like a backpass to Szczesny.
Referee performance
Michael Oliver had a feisty affair on his hands today but dealt with it well. He was right not to send Flamini off in the first half and also had no choice but to give Borini his marching orders late on.
What next?
Liverpool: Boxing Day is next for these two sides and Liverpool will be up against Burnley at Turf Moor.
Arsenal: The Gunners, meanwhile, host another of the promoted sides in Queens Park Rangers.
Pascal Lemesre
