One of the first things that scholars noted about the Torah/Old Testament was different texts using Yahweh vs El to refer to the monotheistic God of Judaism.
As you point out, that line that is translated as Gods is Elohim, the plural of God.
Fast forward through hundreds of years of linguistic and archaeological research and the picture now looks something like this:
The ancient Canaanite patheon is headed by its primary leader and father El, or El Elyon (God Most High).
Ashera: the female goddess of fertility, consort of El, 'mother of all living'.
Ba'al / Hadad: El's most beloved son, associated with lighting , wind, rain, and also fertility. He is later referred to as Beelzebub in the Torah.
Mot: Another son of El, god of death and the underworld. Later biblically referenced as Molech.
Anat: Goddess of hunting and war, either sibling, lover or both of Ba'al / Hadad.
Shapash: Sun goddess, messenger of El.
...
Yahweh appears much later (8th or 9th century BCE, compared to 18th century BCE for El, 12th century BCE at the latest for the rest of the pantheon) in Israel/Palestine/Canaan.
He is referred to as Yahweh, but also as Adonai (literally meaning My/The Lord), which was previously usually a title for Ba'al / Hadad, but Yahweh also has many of the attributes of El and is sometimes referred to as El (God) or El Elyon (God Most High).
...
Basically, Yahwism started as a cult or sect of Canaanite religion in the 8th or 9th century that variously cobbled together the some of the Canaanite pantheon of Gods into one grand and only God, while declaring those who worshipped the pantheon of Gods individually as idolaters and followers of false gods (the Bull is the symbol of El, Beelezebub and Molech are now demons).
Yahwism seems to have become much more popular after the Israelites captured by the Babylonians were allowed to return to Israel by the Persians (who conquered Babylon) in the 5th century BCE.
The theory is that this exposure to Persian Zoroastrianism, which basically has one powerful good god and one powerful bad god, further oriented Yahwism toward becoming the monotheistic Judaism.