Unlike integer factorization, a reducible holomorphic eta quotient may not factorize uniquely as a product of irreducible holomorphic eta quotients. But whenever such an eta quotient is reducible, the occurrence of a certain type of factor could be observed: We conjecture that if a holomorphic eta quotient f of level M is reducible, then f has a factor of level M. In particular, it implies that rescalings and Atkin-Lehner involutions of irreducible holomorphic eta quotients are irreducible. We prove a number of results towards this conjecture: For example, we show that a reducible holomorphic eta quotient of level M always factorizes nontrivially at some level N which is a multiple of M such that rad(N) = rad(M) and moreover, N is bounded from above by an explicit function of M. This implies a new and much faster algorithm to check the irreducibility of holomorphic eta quotients. In particular, we show that our conjecture holds if M is a prime power. We also show that the level of any factor of a holomorphic eta quotient f of level M and weight k is bounded w.r.t. M and k. Further, we show that there are only finitely many irreducible holomorphic eta quotients of a given level and provide a bound on the weights of such eta quotients. Finally, we give an example of an infinite family of irreducible holomorphic eta quotients of prime power levels.