Does it have E7048 or, ER7048 on it?
E7048: Shielded Metal Arc Welding
E = Electrode
70 = 70,000 pounds per square inch minimum tensile strength
4 = Position, in this case the 4 designates Flat, Horizontal, OverHead, and Vertical Down. The imortant part is the Vertical Down.
8 = Last two digits taken together indicate the type of current, and the type of covering on the electrode. In this case, Low hydrogen potassium, iron powder use on AC or DCEP (DCRP).
ER I usually only see on GMAW, Gas Metal Arc Welding, wire and GTAW, Gas Tungsten Arc Welding rods. Hence, the abbreviations ER, dual purpose Electorde or Rod.
Numbers would look something like ER70S-6 or ER308.
Where did you see these numbers?