A process for the polymerization of ethylene or the copolymerization of ethylene with an alpha-olefin, in suspension or in gas phase, in the presence of a catalyst consisting essentially of a cocatalyst and a catalytic component based on at least Mg, Ti and Cl, with the catalytic component being constituted of at least one derivative of magnesium and one chlorinated derivative of titanium in its form III and/or IV, which was subjected, prior to its use, to a reduction treatment and then to treatment with a chlorinated transition metal compound, with the said catalytic component being characterized in that the magnesium derivative is in the form MgCl.sub.2.MgO.