It is recommended to do this on a fresh installed system, since that way you can grab the most out of it. If you are unsure, you can always install the dependencies manually. And if something breaks while not being on a fresh install, please do.
Do note that this process might take time depending on your hardware, so why not do some exercise while you wait? ❤️🏋️

Before we begin the installation, we need to have three things ready:

1. We need to create the user directories, this makes the future installation easier.
2. We need to install the main tools required to build and install stuff.
3. To make the process easier, we can enable Chaotic AUR, which has some precompiled binaries of certin programs we need, which narrows down the installation time.

1. Creating User Directories:
First we need to install the xdg-user-dirs package:

sudo pacman -Syyy xdg-user-dirs

Then, to create directories, such as Desktop, Documents, Downloads, we can run the below command:

xdg-user-dirs-update

Now check the directories, if they are created using ls, if they are not, please run the above command again.

2. Installing the main tools:
We can install the main tools base-devel, which is a package group by executing the below command:

sudo pacman -S base-devel

3. Enabling Chaotic AUR:
To Enable the Chaotic AUR, you can follow the steps on their website https://chaotic.cx.

Now, we can move on to installing the packages. Make sure you have your favourite AUR Helper ready, in this case we will be using paru, but you can use any of the AUR Helpers available like yay.

To save time, we can run the below command to install the packages in one go:

paru -S nitrogen noto-fonts-emoji xorg-xinit slim fish starship papirus-icon-theme xfce4-power-manager xfce4-settings jgmenu thunar thunar-archive-plugin thunar-volman xarchiver unzip unrar rofi picom kitty dockbarx gtk2 gtk3 xorg python git make nerd-fonts-jetbrains-mono playerctl libwnck3 python-pip gtk-engine-murrine appmenu-gtk-module libappindicator-gtk3 libappindicator-gtk2 light pamixer wmctrl bc curl jq maim acpi python-praw tint2 pavucontrol albert redshift qt5ct lightly-git mate-polkit python-wand conky-lua fvwm-git npm yaru-sound-theme zsh mpv

We are not done yet! We need to install the remaining packages, which unfortunately can't be installed from the AUR Helper.

But first, we need the git! If you haven't already installed, git, please do, its awesome :) (We need it for the stuff below)

sudo pacman -S git

1. Elkowar's Wacky Widgets (EWW)
Elkowar's wacky widgets are the main widgets that we are gonna use in our system. It is a very essential dependency that you need. First you need the nightly version of rust and also GTK3. A speedy way would be to directly install the binary package of rust nightly from the AUR using your favorite AUR helper:

paru -S rust-nightly-bin gtk3

Then we just need to run a few commands assuming you have git installed:

cd ~/Downloads
git clone https://github.com/elkowar/eww.git
cd eww
cargo build --release -j $(nproc)
cd target/release
sudo mv eww /usr/bin/eww

That installs eww to our root filesystem, which is then sourced from the $PATH.

2. Dunst
We are not using the dunst which ships with the distro's packages, instead, there is a fork which has some very nice additions to the main dunst look, the images are now rounded to match the UI, and also the Notifications have a nice gradient look!
Thanks to k-veroony!

First, install the dependencies, most of them should be already present if not all, due to that big command we ran above!

paru -S systemd gdk-pixbuf2 pango libxss libxinerama libxrandr wayland wayland-protocols libnotify

Now, clone the repo and compile dunst:

cd ~/Downloads
git clone https://github.com/k-vernooy/dunst -b progress-styling
cd dunst
make
sudo make install

That's it! We have successfully installed all the dependencies!