By dictionary definition, deterrence is the ability to make political gains with the mere threat of force. In other words, one must have enough power and a willingness to use it, to force the enemy to make concessions. In Gaza's case, none of this worked. Israel threatened force and the resistance stood its ground. Then Israel attacked and the resistance still stood its ground. This must be scary for Israel, for it makes the future rather uncertain.
Israel used to have it easy. It maintained overwhelming force, which means that it didn't have to attack. Then, if it attacked, it had the ability to score fast victories, or retaliate with a convincing second strike. Israel likes its wars short. First, this means that it doesn't need to call in the reserves. And it obviates the need to confront angry world public opinion.
In Gaza, the war went too far. Israel had to call in the reserves. And when many countries intervened with their own initiative for a truce, Israel had to call a ceasefire -- and did so unilaterally....
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