This can be done. In fact, Melco recommends it for its Switches and makes a cable for it. It's expensive compared to a standard one, but really good.
The Melco C100 Ethernet cable provides the very best quality cabling solution for Melco libraries and other Ethernet audio-enabled devices.
melco-audio.com
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Francisco
Aries Cerat Kassandra Ref. MKII / Taiko Extreme Server / Gryphon Essence Preamplifier and Stereo Amplifier / Rockport Atria I / REL S-812 (2) / Göbel XLR Cables (2), Göbel USB Cable / MIT Magnum MA Speakers Cables / Shunyata Everest 8000 / Shunyata Omega XC (1), Sigma NR V2 (4) and Alfa NR V1 (1) / Taiko Switch + Router + DCD / Paul Hynes SR7T Double Rail / Doepke DFS-2 40A /GigaWatt G-C16A 2P / Fuse module AHP 4Gi / Center Stage2 0.8, 1.0 and 1.5