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 Istanbul.
"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."
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."