For three of the games, the Mestalla Stadium will be partially closed.
After fans racially taunted Real Madrid forward Vinicius Junior, Valencia had their partial stadium closure shortened to three matches and their fine to 27,000 euros.
Valencia's appeal has been "partially upheld," according to the statement made by the Spanish Football Federation appeals committee.
It implies that the initial 45,000 euro (£39,000) fine has been cut by 18,000 euro, resulting in a reduction of the Mestalla Stadium's partial closure from five matches.
After being the target of alleged monkey chants from the crowd during the second half of Real Madrid's LaLiga game against Valencia on Sunday, Vinicius threatened to leave the field. Madrid claimed the abuse constituted a "hate crime" and filed a complaint with the Spanish State Attorney General's Office.
Valencia had ten business days to appeal to the committee.
After Sunday's game, LaLiga players and officials demanded that racism be addressed in Spain.
Racism must leave sport, players from both Real Valladolid and Barcelona, as well as from Celta Vigo and Girona, stood behind banners that said "Racism, out of football" prior to those matches on Tuesday night.
After getting dismissed at Valencia, Vinicius was scheduled to serve a two- or three-match suspension. However, Spain's competition committee, which is made up of one representative from LaLiga, one from the Spanish Sports Council (CSD), and one from the RFEF (Spanish FA), has overturned that dismissal.
In the meantime, LaLiga declared it would ask for further authority to punish clubs whose supporters engaged in racist taunting after feeling "powerless" about the absence of existing sanctions in the wake of the most recent Vinicius incident.
LaLiga can now only detect and report incidents in accordance with local legislation, and punishment is infrequently meted out.
On Tuesday, four persons were detained in Spain on suspicion of tossing a Vinicius effigy down a bridge in January.
'Madrid hates Real Madrid' was written on a banner that was hanging from the railings prior to Real's Copa del Rey match against Atletico at the beginning of the year. The inflatable doll was wearing a Vinicius shirt.
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