What does it mean when a guy wants to slow things down?

I have been seeing this guy for about 2 months. We hang out about 3 times a week and he texts me everyday and has been consistent for three weeks now. I rarely text him first at all. I also waited a little over a month to have sex. He has mentioned that he sees this going somewhere and that he would want a serious relationship.

For weeks he kept bringing up wanting to take me out to dinner but my schedule had been to hectic. Finally we found a Friday I could do it and made plans a week ahead to go to dinner. So the night before our set date he says that he is scared and wants to slow things down. He brought up his Ex for the first time they broke up over a year ago but he explained that she broke his heart and hasn't been serious with someone since me. And it scares him that he is going to get hurt again. He also mentioned that when borrowing my phone a few days ago to make a call he noticed my Ex (we broke up 4 months ago) still saved in my favorites (a very small list) and this made him scared because his ex used to run back to her ex whenever they fought.

He said that he really likes me and that we have come to far to just give up on this. I asked how he wanted to slow things down and he said just waiting to go on a date, he still wanted to continue to text and hang out like before. So he is still texting me everyday, until today which was the first day in weeks we haven't talked. And our convos in the past few days haven't been as long either.

I really like him too and things have been great before this happened. I'm just confused on if I should stick with this or not. I don't want to get too emotionally involved overtime and then he decides he is still too scared to commit again. Also I feel like I should be making him chase me right now too so I don't want to text him first either. I also don't know if he is just saying he wants to work through it just to spare my feelings because he is an VERY I mean VERY nice respectful guy. Help please!
What does it mean when a guy wants to slow things down?
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