PostgreSQL 17: Best way to update docker container postgresql  #1293

My docker container does not start since the update to Postgresql 17. Container was automatically updated by watchtower.
What is the best way to update the database?

One way I imagine is to start a container with older version on another port and from within the container, do
pg_dumpall -p 5432 | psql -d postgres -p 5433

I have no clue if this works or not, but could not find anything in the docu.