At this time every alt going pump and pump but you right ethereum is doing well so i think ethereum is now dump is possible because when any token or coin doing pump then dump is also doing as well..
Ethereum will only face the bullish trend and it will never face the dump as the testnet is not yet launched and i think the dump will come after the testnet will have fully launched and speculators will be seeing how much potential that has already brought by ethereum 2.0
Perhaps, you are right - people will see ethereum as bullish until they see real results which has nothing to do with how people value a coin irl.
So chances are it will climb up enormous price and then fall to something more digestible