The Reds notched up their tenth successive top-flight win after a nail-biting 3-2 victory over rivals Manchester City at Anfield on Sunday.
Coutinho and Sterling took over and Brendan Rodgers would have been delighted with that
Liverpool, who are seven points clear of the Citizens, make the trip to Norwich City next Sunday before facing second-placed Chelsea at Anfield.
Asked whether Liverpool’s win had effectively sealed the title, Smith replied: “I don’t think so, not yet.
“Obviously Liverpool have fantastic momentum but Chelsea and Manchester City aren’t going to go away.
“So there is still a lot to play for. But what a feeling in that Liverpool dressing room at the moment.”
Smith also credited Philippe Coutinho and Raheem Sterling after the pair impressed as Daniel Sturridge and Luis Suarez endured off-days.
“Suarez wasn’t on top form. Sturridge didn’t have his best game. Coutinho and Sterling took over and Brendan Rodgers would have been delighted with that,” added Smith, who was part of the Arsenal side that won the English title at Anfield in 1989.
On Coutinho’s winner, he said: “It is not an easy finish. I don’t think Kompany was fully fit with the performance that he gave.
“Coutinho has to run away and keep it down and keep control of the shot. He speared it in the right corner beautifully. It is a really good take.”
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