Carragher said: "Arsenal are a great side, but we were very close to them, we are just six points behind and it was nearly a couple less with that display.
"We battled hard, and we are proud of the way we played with commitment and effort, but Arsenal did play well, they are going to be a tough side to catch.
"Unfortunately we have picked up some more injuries. Torres will be a big loss, but Peter Crouch was excellent when he came on.
"But we have been under the cosh a bit from the critics, who seem to have forgotten that we are still unbeaten in the league ourselves this season."
Carragher added: "We have been under pressure, people keep saying how bad we have been, but I didn't feel that pressure despite everything that has been written about us since we lost in
"We know we have had too many draws. We have just held Arsenal, which we feel is a good result, but we now must improve our home form."
Liverpool goalkeeper Jose Reina backed Carragher's view that Arsenal are a top side.
He said: "There's not much doubt they were one of the best sides I have ever played against."
He added: "I think it is a point gained because they were the better side.
"We tried to fight and to keep our level as high as we could but they were one of the best sides I have ever seen.
"They were brilliant but I think we had some chances as well. We probably did not deserve to win but we didn't deserve to lose either."
Fabregas, 20, scored his 10th goal of the season to return Arsenal to the top of the Premier League on Sunday.
And Gerrard, who also scored in the absorbing encounter, said the Spaniard was playing at a fantastic level.
He said: "The world is his oyster. He can go on to be one of the best in the world, there is no doubt about that."
"So far this season he is having a fantastic time. If he keeps working hard at his game and stays as dedicated as he has been so far, he can achieve anything," Gerrard added.
The game was a intriguing battle between the two players, which Fabregas said he would learn from.
"I would love to have (Gerrard) in my team," said Fabregas.
"He is the player who four or five years ago when I was in my house I was looking up to him.
"And now I have the chance to play against him which is fantastic for me to keep learning because he is one of the best midfielders in the world."
Manchester United gaffer Sir Alex Ferguson believes that Arsenal's young players are good enough to stop Manchester United from retaining the Barclays Premier League title this season.
Players such as Cesc Fabregas, Robin van Persie and Denilson have caught
"The title race is still open, but Arsenal have made a great start and you can't deny that,"
"Some of the youngsters haven't experienced it before, but the same could be said of some of our players last year and we led the Premiership for three-quarters of a season. We have missed players this season through injury, but we have got on with it and won games, so everything is coming together well."
