His ex is getting back onto the scene

I met this guy on dating app 2 months ago. He is shy but we really hit it off. The first date we talked for hours in a cafe, the second date he held my hands and we kissed. He is upfront about his intention of having a serious relationship and I reciprocated. Between dates we texted daily, morning to night. When we met on the third date, his attitude totally changed and did not even touch my hands. He confessed he still has feelings to his ex of 5 years and he just got out from the relationship 3 months ago. He told me he needed time and wished I can bear with him while he tries to figure out what to do next. Having said that, he also understands if I want to withdraw and move on. We decide to take things slow and continue seeing each other. We behave like couples when we meet and share intimacy. I never push him to confirm the relationship because I know men need time to process. He is incredibly sweet when we meet. He showed me he has deactivated the dating app and asked if I am close to any men (we never discussed exclusiveness though). He appeared to start forming attachment.

When I last met him in his apartment, I saw a men’s bracelet next to a gift box and I causally asked if its a Xmas gift. He said his ex gave it to him and they have met recently. Since we are not exclusive yet, I did not pry further and let it die down. After that meet up, he did not text me for 2 days (we usually messaged each other daily) until I texted him to check in. Since then, his reply would delay a day (reply me in the midnight and completely disappear during daytime) but he still initiates plans for the weekend. I might be overthinking but I have the feeling that the ex is getting back onto the scene.

I am puzzled as to what to do next and where we are now. I feel like the connection is drifting away and I am living in the shadow of his ex. The family picture he showed me has his ex in it and his facebook profile is still full of ex’s photos. But then, I really like this guy and truly feel the connection. I find myself constantly checking my phone to see if he replies my texts and it is emotionally draining. Should I have an honest conversation with him about my feelings (with a chance that he would call it off), or back off and give him space to process (but painfully seeing him withdrawing bit by bit)?

Thank you in advance!