The deal was negotiated between leaders of Germany, France, Russia and Ukraine after marathon talks that ended yesterday.
The ceasefire is due to take effect on February 15.
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"Actions will be what matter now...We particularly commend the diplomatic efforts of our European Allies, Chancellor Merkel and President Hollande, and their teams in making this agreement possible," Secretary of State, John Kerry, said yesterday.
The first test of this agreement and the prospects for a comprehensive settlement will be the full implementation of the ceasefire and the withdrawal of heavy weapons by all parties - by Ukraine, the separatists, and Russia, Kerry said.
"All the parties must show complete restraint in the run-up to the Sunday ceasefire, including an immediate halt to the Russian and separatist assault on Debaltseve and other Ukrainian towns," he said.
The United States stands ready to assist in coordination with European Allies and partners.
"We will judge the commitment of Russia and the separatists by their actions, not their words.
As we have long said, the United States is prepared to consider rolling back sanctions on Russia when the Minsk agreements of September 2014, and now this agreement, are fully implemented," Kerry said.
"That includes a full ceasefire, the withdrawal of all foreign troops and equipment from Ukraine, the full restoration of Ukrainian control of the international border, and the release of all hostages," he said.
Welcoming the Minsk agreement in this regard, the White House Press Secretary, Josh Earnest, said it represents a significant step towards a peaceful resolution of the conflict and the restoration of Ukraine's sovereignty.
The cease-fire must be implemented and honoured.
Russia must end its support for the separatists and withdraw its soldiers and military equipment from eastern Ukraine," he said.
"The true test of today's accord will be in its full and unambiguous implementation, including the durable end of hostilities and the restoration of Ukrainian control over its border with Russia," Earnest said.
"This agreement will enable Ukraine to continue implementing the reforms it needs to build a stronger, more prosperous, democratic future for the people of Ukraine," Kerry said.
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