Yeah, There is a tool called fishnet, and another tool under cartography called create Grid I believe. Create a grid using the proper formula to determine cells size outside of ArcMap. Then once that proper cell size is determined, create a grid using the proper cell size. Once this is done. You can do a Spatial join, Or join by spatial location of the points to the grid cells. You can then clip the grid to the study area (or do this before). Hope this helps, let me know if I can be of further assistance. Good Luck