ceasefire after speaking with President Barack Obama. He accepted the President's recommendation to give a chance to the Egyptian proposal for a ceasefire, providing an opportunity to "stabilize the situation."

Hamas spokesman Fawzi Barhoum also confirmed that the ceasefire will take effect this evening (Wednesday) at 21:00.

The Prime Minister expressed his deep appreciation to President's support of Israel during the operation and his contribution to the Iron Dome system.

The prime minister also reiterated that Israel will take all necessary steps to protect the citizens of Israel.

The ceasefire goes into effect only hours after terrorists detonated an explosive device on a Tel Aviv bus in a central part of the city, leaving 28 wounded.

Israeli police continue to expect increased terrorist activity and have asked Israeli citizens to be on alert.

As the ceasefire was being announced, Code Red alarms were broadcasted on Israeli radio as Hamas rockets from Gaza continued to rain down on Southern Israel.

Israeli radio also discussed the reported conditions of the ceasefire which appear to be based around three central points of agreement.