Step 1: Understand the reaction.
Ethylbenzene is an aromatic compound where an ethyl group (\( \text{C}_2\text{H}_5 \)) is attached to a benzene ring. When it reacts with dilute nitric acid, a nitration reaction occurs.
Step 2: Identify the product.
In nitration, the nitronium ion (\( \text{NO}_2^+ \)) attacks the benzene ring, and the position of the incoming nitro group depends on the electron-donating nature of the ethyl group. Ethyl is an electron-donating group, so it directs the incoming nitro group to the para position relative to itself. Hence, the product is \( p \)-nitroethylbenzene.
Step 3: Conclusion.
Thus, the correct product is:
\[
\boxed{(2)\ p-\text{Nitroethylbenzene}}
\]