The reaction occurs in two stages:
1. Chlorobenzene (\( \text{C}_6\text{H}_5\text{Cl} \)) reacts with magnesium in dry ether, yielding phenyl magnesium chloride (\( \text{C}_6\text{H}_5\text{MgCl} \)), a Grignard reagent:
\[
\text{C}_6\text{H}_5\text{Cl} + \text{Mg} \xrightarrow{\text{dry ether}} \text{C}_6\text{H}_5\text{MgCl}.
\]
2. Phenyl magnesium chloride subsequently reacts with ethanol (\( \text{C}_2\text{H}_5\text{OH} \)), producing benzene (\( \text{C}_6\text{H}_6 \)) and magnesium ethoxide (\( \text{C}_2\text{H}_5\text{OMgCl} \)):
\[
\text{C}_6\text{H}_5\text{MgCl} + \text{C}_2\text{H}_5\text{OH} \to \text{C}_6\text{H}_6 + \text{C}_2\text{H}_5\text{OMgCl}.
\]
Final Answer:
\[
\boxed{\text{Benzene}}
\]