There was no separating the sides after an absorbing battle in Ballybofey that saw five goals, 31 points and two dismissals as Donegeal and Monaghan drew 1-20 to 4-11.
Donegal made a great comeback in the second half having trailed 3-7 to 1-8 at the break.
The game began in pulsating fashion with six scores in as many minutes and the sides were deadlocked at three points each.
McCarthy then exploded into life in the next quarter scoring three goals in 13 minutes as Monaghan opened up a nine-point lead.
Two minutes later, Donegal responded with one of their own as Michael Langan reduced the margin to five points.
Just before the half hour mark, Monaghan were reduced to 14 men when Conor Boyle was sent off after receiving a second black card but they still held on for a five point lead at the interval.
Three time all-star Conor McManus was introduced at half-time scored Monaghan’s fourth goal of the game after the restart stretching the margin to half a dozen points.
Donegal then trimmed the deficit to four points hitting three without reply but were forced to play the last quarter with 14 men as Daire O’Baoill received a second yellow card.
After the restart, Declan Bonner’s men picked up where they left off and a pair of scores from Patrick McBrearty left two between them just after the hour mark.
Monaghan eventually replied and successive frees from Conor McManus restored a four-point cushion with five minutes of normal time left.
The hosts continued to show incredible resilience and the contest finished level after they hit four unanswered points in the last few minutes.
