Carragher reckons the fact Everton have gone 17 years without a trophy makes it just as vital to the Blue half of the city.
He said: "It's a massive game for both teams. It's big for us because we want another trophy.
"We've got one but the league hasn't gone great.
"From Everton's point of view, they've gone so long without winning anything, so it's a massive game for them. I really do think it's on an even keel.
"Everton are trying to play the underdog card. But there's pressure on them, too. I know that from talking to their supporters - I've got enough of them in the family."