The Brazil striker has struggled for a start with Real in his first season in Spain.
But Ancelotti, ahead of their Copa del Rey semifinal second-leg against Real Sociedad, said this morning: "I don't think he's worried. He is happy. I see him motivated and calm.
"Tomorrow he may have options because in the Copa del Rey he has done well.
"The history of this club says that many players who are now headlines have started on the bench. If you want to be at Real Madrid, it is usual to spend a little time on the bench."
Ancelotti also had praise for teenage striker Enzo Alves, the son of former Real captain Marcelo.
He stated: "He has made a difference. I don't know him very much. I know him because we took photos when he was little. I have a very nice memory with him in the 2014 final, that I took a photo with Marcelo's son and Xabi Alonso's. It is perfect to take this photo now. The whole club is very excited about it. If he has the quality of the father, bingo!"