What's Going on with Ethereum? will it reach $2,300 by the end of Q4 2023?

ETH is probably the most liquid aside from BTC, so naturally its volatility is much lower than altcoins. It will certainly catch up. BTC is up a significant amount via the ETF narrative and also kind of acts as a proxy for crypto as a whole since it gets the most exposure.

Since September 1st, BTC is up 40%, SOL is up 100%, LINK is up 150%, MATIC is up 46%, ADA is up 40%, DOT is up 30%. AVAX is up 31%. And ETH… ETH is up 16%. These are all large-cap tokens too. Even DOGE is up higher than ETH (19%). ETH dominance is dropping to its lowest level since the 2022 summer crash, both against BTC and against other altcoins. Historically, ETH rises after BTC rallies, followed by other altcoins. This time, it seems ETH is being more or less left out. 

Does this signal ETH isn’t going to perform as strongly as anticipated in this next bull cycle? 

I dont think this phase the market is in is really any solid indicator of performance over the next market cycle, right now narratives are in the drivers seat.

Too early to judge I think. ETH will rally eventually. At least long enough for the articles questioning why it hasn't happened to be posted. It happens often.

The narrative would be different, however, if sidelined investors join the rush, with the ensuing buying pressure extending the gains for Bitcoin price. In such a turn, BTC could overcome the $35,500 barricade and move higher, breaking past the $35,984 range high.

ETH price has faced a rejection from the $1,935 level, the midline of the supply zone that extends from $1,861 to $2,004. The largest altcoin by market capitalization could soon fall out of this supplier congestion zone.

This pattern began on Nov. 6 after supply on exchanges saw relative stability for days. Amid the gradual increase, Bitcoin‘s supply on exchanges surged to 1.11 million BTC yesterday. This figure has increased to 1.12 million BTC today, representing 5.7% of Bitcoin’s total supply. 

JPMorgan analysts expressed doubt about the sustainability of the recent crypto market surge, stating that the "crypto rally looks overdone."