Etymology
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Algol

variable star (Beta Persei) in the constellation Perseus, late 14c., literally "the Demon," from Arabic al-ghul "the demon" (see ghoul). It corresponds, in modern representations of the constellation, to the gorgon's head Perseus holds, but probably it was so called because it visibly varies in brightness every three days, which sets it apart from other bright stars.

The computer language (1959) is a contraction of algo(rithmic) l(anguage); see algorithm.

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Definitions of Algol
1
algol (n.)
(from a combination of ALGOrithmic and Language); a programming language used to express computer programs as algorithms;
2
Algol (n.)
the second brightest star in Perseus; the first known eclipsing binary;
From wordnet.princeton.edu