Exodus 4:26 New English Translation

²⁶So the Lord^[a] let him alone. (At that time^[b] she said, “A bridegroom of blood,” referring to^[c] the circumcision.)

Exodus 4:26 tn Heb “he”; the referent (the Lord) has been specified in the translation for clarity.
Exodus 4:26 tn Or “Therefore.” The particle אָז (ʾaz) here is not introducing the next item in a series of events. It points back to the past (“at that time,” see Gen 4:26) or to a logical connection (“therefore, consequently”).
Exodus 4:26 tn The Hebrew simply has לַמּוּלֹת (lammulot, “to the circumcision[s]”). The phrase explains that the saying was in reference to the act of circumcision. Some scholars speculate that there was a ritual prior to marriage from which this event and its meaning derived. But it appears rather that if there was some ancient ritual, it would have had to come from this event. The difficulty is that the son is circumcised, not Moses, making the comparative mythological view untenable. Moses had apparently not circumcised Eliezer. Since Moses was taking his family with him, God had to make sure the sign of the covenant was kept. It may be that here Moses sent them all back to Jethro (18:2) because of the difficulties that lay ahead.

New English Translation (NET)