Real have fallen a point behind Barcelona at the top of the table following a 1-1 draw with Villarreal and a 1-0 defeat at Athletic Bilbao.
Their slump continued on Tuesday with a 4-3 loss to Schalke in the UEFA Champions League last 16 second leg, with Real narrowly progressing 5-4 on aggregate.
However, club president Florentino Perez has insisted he has faith in the man who led them to 'La Decima' glory last term.
Despite Real's recent struggles, Ancelotti should be confident of a win to ease the strain on his shoulders versus a Levante side who sit fourth bottom in the division.
Attacking midfielder James Rodriguez remains out of action for Real with a fractured metatarsal, but Luka Modric is expected to start after making his return from a thigh injury on Tuesday.
It could be suggested that Levante, given the hosts' apparent turmoil, are facing Real at the perfect time,
Yet coach Lucas Alcaraz was quick to play down the potential impact of Real's form in the last few games.
He told Levante's official website: "We prefer to think of what things must be done well to win. The potential of Madrid is always high.
"The moment of the rival is not something that depends on us. The timetable is as it comes.
"We won our last game, but there is a vast difference between the potential of Madrid and our own."
