Is there a chance with my ex?

My current Ex boyfriend (Ethan) and I were friends for 6 months before we entered into our relationship. The thing that we both love about our relationship is the friendship and level of comfort we have with each other. Things moved very quickly in the beginning. He lived with me for about 3 months in my college house and once I graduated I had to move back home. I now live an hour and a half away. I have been driving that hour and a half every Friday evening and staying at his house (his parents house) until Monday morning and then leaving directly from there for work. We have had several arguments about his ex girlfriend (of 7 years) coming back into his life and wanting a friendship. I found out he was being deceitful and sneaking behind my back to go see her. They never did anything other than talk in a public place but it hurt that he lied to me. I found all of this out by reading his text messages between them because I suspected something. That was the first and only time I did that. Recently I thought we had overcome those problems and had moved on to a better stage in our relationship. He then blindsided me with a breakup. After some emotional arguments we had a rational conversation and we both agreed that each other is our best friend and we don't want to write the relationship off and consider it over. His reasoning behind breaking up in the first place was that although he feels romantic feelings for me, he doesn't believe they are as strong as they should be at this point in our relationship and mine are stronger than his. So right now we are broken up and still friends and he is evaluating his feelings to see if what he feels could grow for me or if it is going to die out. He wants to still talk and text almost every day and we agreed that we shouldn't see each other for at least a few weeks. He said he won't be actively looking for someone else (i.e. another girlfriend) because he still cares about me. But if someone asks him out or gives him their number he said he is going to have to cross that bridge when he comes to it. He told me he doesnt want me to shut myself off from new guys if they do come along. I feel in limbo. We have only been dating for 5 months and the word love has been used for at least 2 months. He said he may have told me that he loves me too quickly but doesn't regret that he did it. I suppose what I'm asking is what I should expect out of this. Is there a real possibility of us getting back together or should I try to move on and find someone else? I love him and want to be with him. This is so hard to wrap my mind around.