Bellingham arrived at the Santiago Bernabeu in the summer of 2023 and immediately built a reputation for being a goalscoring midfielder as he netted 23 goals and 13 assists in his first season.
As a result, when the 21-year-old endured something of a dry spell in the early months of this season, criticism started to build.
Until the end of October Bellingham was regularly being used on the left side of a midfield four, however that has since changed with Real Madrid playing a more more fluid system in attack.
Bellingham's last five LaLiga games has seen him score five matches and offer three assists - a set of figures which is much more like his form from last season.
Reflecting on the midfielder's form, Ancelotti said: "Not much has changed for him personally.
READ MORE ON JUDE BELLINGHAM
Footage shows Jude Bellingham telling Girona fans to watch Kylian Mbappe celebration
Jude Bellingham pulls out new celebration as Real Madrid star breaks LaLiga record
"What has changed is the dynamics of the team: now we have more movement up front, and he takes advantage of this.
"He's been scoring, which is important, but his attitude has remained the same."
Bellingham admitted that he'd recently found his smile once again following a difficult summer which saw England lose the Euro 2024 final.
"I've got to be honest I lost my smile a lot after the Euros because I felt like I was a little bit mistreated in comparison to what I contributed," he said.
Most read in Football
'Jadon Sancho for £75m was a disaster' - Why Simon Jordan backs Dan Ashworth exit
Championship boss stepping down days after calling fans 'thickos'
Man City left to rue £81million 'mistake' as stunning Champions League stat emerges
Why there is no 12:30pm kick-off in the Premier League this Saturday amid unique schedule
"I felt like some of it was a bit harsh on me. I felt like the scapegoat. Maybe I was feeling a little bit sorry for myself.
"The last England camp with a lot of new faces really brought out the joy in my game again and I think you can see that in the two games.
"In general, I haven't lost my smile in a Madrid shirt.
"I am annoyed when we lose and I get frustrated but it is never a case of not being happy.
"I'm the luckiest lad in the world. I get to play week in, week out for the biggest club in the world and represent my country. The smile is back."
Bellingham's form has coincided with a positive run of form for Real Madrid in which they've won four of their last five LaLiga matches.
In doing so Los Blancos sit in second position in the table and two points behind league leaders Barcelona.
With a game in hand, Ancelotti will be keen to keep this run of form going as they look to retain the LaLiga crown.
Jude Bellingham on what profile suits him best at Real Madrid