The Portuguese attacker has scored 33 goals for Real in all competitions this season, including 28 in La Liga.
Since returning from a two-match ban incurred for his dismissal at Cordoba in January, Ronaldo is yet to find the back of the net in two domestic outings - one of which was Real's 4-0 defeat at the hands of rivals Atletico Madrid.
Ancelotti claimed though, that Ronaldo impressed in their 2-0 win at home to Deportivo La Coruna on Saturday, despite not scoring.
Ronaldo is set to feature when the UEFA Champions League holders head to Schalke on Wednesday, for their last 16 first leg in Europe.
"He had a nice performance against Deportivo La Coruna in terms of physical skills. He showed great intensity," Ancelotti said.
"I think he is getting better, he just needs to score a goal and I think he has a great chance to do it tomorrow [Wednesday]."
Ancelotti said there was no motivation lacking for his side, despite having clinched the European crown in 2013-14.
"We are highly motivated, as we keep the first position in the table of La Liga, so the biggest motivation is to win La Liga," the Italian coach said.
"It works exactly the same for this competition. We are the current holders and we will do our best in order to be European champions again."
‘He instantly popped into our ratings as one of the best U21 midfielders in Europe. The impressive thing is Slot has made him into more of a no.6' Inside Ryan Gravenberch's transformation at Liverpool
‘I don’t think Liverpool would look at Ollie Watkins, a striker isn’t a pressing issue for them – it’s Arsenal who need one’ Former Reds star explains why his old club don’t need an out-and-out forward this summer
