Drop in serp but adsense revenue increases

I have a niche site with the main keyword at position #3 for many months. The adsense revenue per click was about $0.25 and I was getting about 2 to 3 clicks a day, making around $0.50 to $0.80.

Few weeks ago the site dropped to position #6. The number of clicks is still the same, however, my adsense revenue per click increased to about $0.50 and I'm now making slightly more than $1.00/day.

Unbelievable! Lower serp but higher adsense revenue

something similar happened to me recently. serp changed dramaticaly killing 1/3 of my traffic overnight but my earnings didnt really change.

best thing I can tell you is you are probably ranking for new keywords that might even be worth more than your older ones even though the traffic draw is less.

People are bidding higher for the clicks, hence revenue increases.
Which is also why you dropped in Serps probably. Competition increasing

Either more people are bidding for your keyword(s) and thus the CPC is increasing, or Google is giving you ads for a different keyword with a better CPC. Either way, there's too many factors to know for sure and it's probably a combination of tons of these factors, but at least your profits are increasing