Thank you all for your help!!
I found the information very conflicting, but with all your help it works!
I connected the orange and yellow wire of the USB converter to pin 4 and 5 of the Ethernet port, and the Ethernet cable is plugged into the Ethernet port of the ET340.
Turned on the system, and was there right away 
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And I can now confirm that the cheap converter does not work at all.
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