City, Chelsea, Liverpool and Arsenal are all in the running for title glory given that there are just six points between the top spot and fourth place.
While Liverpool have boosted their prospects following Sunday's convincing 3-0 win over Manchester United, Carragher believes that the real test will be how the Merseyside outfit can handle a "tense situation".
"Will they do it? They definitely have the right weapons," Carragher writes in the Daily Mail. "Liverpool look strong whereas you can question their rivals: will Chelsea pay for the lack of a top-class striker? Is Manchester City's defence strong enough? Do Arsenal have the players to produce when it matters?
"There will be more twists and turns and Liverpool are going to have to prepare themselves for something not going their way over the next nine games. How they handle a tense situation will be the real test. I am certain, though, that the two Anfield games against Chelsea and City will determine the outcome of the title race."
The Reds, who are unbeaten in their last 10 games, are currently second in the standings, four points adrift of leaders Chelsea with a game in hand.