Arsenal boss Arsene Wenger believes his players have proved the critics wrong in recent weeks.
Wenger admitted: "Two months ago, everybody considered us to be a joke.
"Now, suddenly, we are favourites to win the European Cup. The truth is somewhere in between. It is a good test for a young team to show that experience is not compulsory, that it's more down to character. These players have character."
He added: "In the Premiership we are in a position where it is just down to our results now and that was not always the case. In Europe, it's down to our result against Juventus.
"The final is so far away right now that at the moment we are just looking at the possibility of going through against Juventus.
"We have played one good game and now there is another one to play to get us through to the semi-finals."
Arsenal are bidding to establish a record-breaking eighth successive Champions League clean sheet, despite an entertaining, expansive style which has won admirers at home and abroad.
Wenger declared: "Just because we have had seven clean sheets, there is no sense of invincibility yet.
"I don't know whether winning the Champions League would compare to the time when we went 49 games unbeaten. Let us do it first.
"That 49 games was, for me, something massive. That was over a season and a half and we realise more now what it means than at the time, when it seemed completely normal.
"From absolutely nowhere you become one of the tournament favourites when you knock out one or two of the big teams.
"We have managed that against Real Madrid and the target is to focus on the second opponent.
"We could have lost it in the second game against Real but were not intimidated and that could give us an advantage psychologically. We mustn't be scared to play and must defend well and attack every time we can.
"We will try and take advantage of the psychological damage we inflicted in the first game. But we saw with Middlesbrough's UEFA cup match against Basel how they were quickly two goals down."
Wenger admitted: "Two months ago, everybody considered us to be a joke.
"Now, suddenly, we are favourites to win the European Cup. The truth is somewhere in between. It is a good test for a young team to show that experience is not compulsory, that it's more down to character. These players have character."
He added: "In the Premiership we are in a position where it is just down to our results now and that was not always the case. In Europe, it's down to our result against Juventus.
"The final is so far away right now that at the moment we are just looking at the possibility of going through against Juventus.
"We have played one good game and now there is another one to play to get us through to the semi-finals."
Arsenal are bidding to establish a record-breaking eighth successive Champions League clean sheet, despite an entertaining, expansive style which has won admirers at home and abroad.
Wenger declared: "Just because we have had seven clean sheets, there is no sense of invincibility yet.
"I don't know whether winning the Champions League would compare to the time when we went 49 games unbeaten. Let us do it first.
"That 49 games was, for me, something massive. That was over a season and a half and we realise more now what it means than at the time, when it seemed completely normal.
"From absolutely nowhere you become one of the tournament favourites when you knock out one or two of the big teams.
"We have managed that against Real Madrid and the target is to focus on the second opponent.
"We could have lost it in the second game against Real but were not intimidated and that could give us an advantage psychologically. We mustn't be scared to play and must defend well and attack every time we can.
"We will try and take advantage of the psychological damage we inflicted in the first game. But we saw with Middlesbrough's UEFA cup match against Basel how they were quickly two goals down."
