Hostilities are ongoing in Ukraine, in the same regions as before. If you got an impression from the news that things have been getting better, you are mistaken. Putin withdrew a small part of his troops and hasn’t been trying to amplify the hostilities (just yet), that’s all.
Putin realizes that he’s only got 2 years left before Americans elect a president who might not be as indifferent to foreign policy. Hysteria is being ramped up in Russia today to the point where I can’t shake the feeling that Putin is about to bring back across the border the troops he withdrew and add a lot more to them.
Obama is everything Putin ever hoped for and he is not wasting a second of this golden opportunity.