Look at the label again: if it says "4500w top, 4500w bottom, 4500w total," then only one element can be on at a time.How do you figure the amp draw of a water heater that has a top and bottom element of 4500 watts each and it is 240volts.
They are generally wired so the elements switch so only one is on at a time. Therefore (P=IxE) 4500 watts divided by 240 is 18.75 amps. 18.75 X 1.25 is 23.4 A - use a 30 A, 2 pole breaker and #10 copper conductors.
Look at the label again: if it says "4500w top, 4500w bottom, 4500w total," then only one element can be on at a time.
Could this be fed with #12 conductors on a 25 amp OCPD?
Were it not for that pesky 240.4(D)(5).