Hamas-led groups on Tuesday accepted the truce to restart the situation that prevailed up until this latest military escalation, Al-Jazeera reported.
A statement by Palestinian resistance groups in Gaza said, "Egypt's efforts have been able to achieve a ceasefire between the resistance and the Zionist enemy.
"The resistance will respect this declaration as long as the Zionist enemy respects it."
The announcement set off celebrations in Gaza City with hundreds of Palestinians taking to the streets to declare victory.
Earlier, senior Hamas official Ismail Haniya said that the Palestinian group was prepared to return to a ceasefire agreement if Israel "stops its aggression" on the Gaza Strip.
"Should the Occupation stop its aggression, a return to the ceasefire understandings will be possible," Haniya said in a statement.
At least 12 Palestinians have been killed in Israeli attacks on the coastal enclave since Monday.
The latest escalation erupted late on Sunday when Israel launched a botched raid in Gaza that killed seven other Palestinians.
Hamas in retaliation fired over 400 rockets or mortar bombs at Israel.