PSV won 4-1 at Anfield just days after Nottingham Forest had done the same to Liverpool to the tune of 3-0.
But last night, Gerrard said on TNT Sports: "With each defeat it gets closer to being a crisis. I don't think Liverpool are at that - crisis is too strong.
"There are no excuses for a performance like that at this football club.
"You cannot deny the team is struggling massively, they are on a terrible run, their confidence is at an all-time low, they are wide open.
"Unless the manager can find answers and stability in his team, then this situation is going to continue."
Meanwhile, on manager Arne Slot's position, Gerrard' former Reds teammate Stephen Warnock argued: "I don't think there should be a knee-jerk reaction, I think this is a very tough moment at Liverpool for one reason or another, but the one thing I'd say is that things weren't right at the start of the season either, when they were winning,
"Every single Liverpool player at the moment needs to go back to basics, because every single player is having a tough time at the moment and needs to improve.
"Morale needs lifting but it is very difficult to lift it. There are no easy games for them."