I think this can be the most important season for Manchester City to become the champions in this tournament. Because they have Haaland from now on and his performance so far has been amazingly effective. He was like a missing piece of a puzzle for the team. Now they have an insane level of scoring strength. Bayern Munich can have quite difficulties in defending especially him.
Haaland came and brought more power for Manchester City attacking system but he forced them to change their tactics too. Haaland is only dangerous if Manchester City can give what he needs and he can score goals for them from opportunities. Beyond that, Haaland does not have good contribution for their system. In my opinion, Haaland is both their strength and weakness. In a good day of Haaland, Manchester City can harvest some goals from him but in contrast, when Haaland is controlled by opponent defense players, Manchester City will play like 10 vs 11 players.
Nothing wrong to assume Real Madrid qualifies for the next round. Real Madrid has a better history in UCL than Chelsea, Real Madrid is even the team that wins UCL trophies more than any other team. Moreover, Real Madrid has lost the chance to win the title in La Liga, so they will focus on UCL now. With this situation, everyone must agree that Real Madrid will play all out to reach the UCL final round and tries to win the title. It is not about underestimating Chelsea, it is about the current situation of Real Madrid and the stats between these teams in UCL.
Both Chelsea and Real Madrid have nothing to do with their domestic leagues and Champions League is the biggest competition for them in this season. Quarter final stage already and only a few more good matches, they will become a champion.
Generally Chelsea have very worse conditions than Real Madrid so it is convincing to think that they will be beaten by Real Madrid in two quarter final matches. However, with star players in Stamford Bridge, Chelsea can wake up anytime and become a very opponent for Real Madrid. In direct matches between big clubs which are full of star players, it's hard to predict results before a final whistle.
If Greece could win Euro 2004 in surprise of all, Chelsea can make a smaller surprise to beat Real Madrid.