The winners at the EIS will take on Leicester in a two-legged semi-final with the hosts the clear favourites to end the reign of the Mersey outfit.
Garbelotto, who could welcome back Flo Larkai, believes Sheffield's race to the head of the league is no fluke but is still refusing to write off his team's hopes.
“They are the BBL form team at present, but as we have seen if there is one thing you can count on this season it is that nothing is going to for," he said.
“I feel we match up well with them, especially if Flo Larkai comes back from injury. This will be a highly exciting game to watch, I am pretty sure about that'."
He added: “They have one of the best players in the league in Mike Cook, a solid point guard in Ryan Patton and three excellent players in Tafari Toney, Perry Lawson and Atiba Lyons.
“They can score in bunches and have become a very solid defensive team. Atiba Lyons has done a great job with this team and their confidence is sky high.”
Everton go into the tie after a mixed set of results from last weekend as a defeat of London Capital was followed by a damaging loss against the Glasgow Rocks, which left their coach furious.
Garbelotto added: “I was not happy with the whole weekend. We looked out of sorts in both games.
The Capital game was a good win against an improved side, and I was able to give both Dani Gonzalez and Darrell Bethune major minutes, which they have worked hard to get and deserved.
“Sunday was again one of those games that you would like to forget. We were up ten points at half time and we ended up losing by fifteen. They just wanted to win more than us and that is something that I cannot accept.”