Using sed, you specify that you only wish to change lines starting with echo by using the regular expression "^echo", where the circumflex character matches the start of a line.
This will output to your screen.
Code:
sed 's/^echo/#echo/' <your file>
To redirect the output to a new file.
Code:
sed 's/^echo/#echo/' <your file> > <new file>
Adding the -i option will change the original file.
Code:
sed -i 's/^echo/#echo/' <your file>
An alternative is to use a backreference, which is trivial here, but often powerful.
Code:
sed 's/^\(echo\)/#\1/' <your file>