Excuse my lack of expertise, I study natural sciences (physics) and not mathematics so I will be off with my terminology and mathematical vocabulary. Please feel free to poke and build at this idea but I do request at least playing around with it seriously and giving it a chance. 
Can we describe this by an infinitely repeating function? At every odd position going from 1, 3, 5 and so on fractions we end up with 2. At every even position we get 1/2. This constantly changes values between 2 and 1/2 so it gave me the idea of describing the ith fraction position by a periodic function. An even more interesting idea popped up in my head. What if we have a continuous position for the fraction? Instead of the 2nd position of the fraction giving 1/2 what would it loom like for a fraction to be fractional in position such that the numbers dont take a discrete set of positions (aka numerators or denominators)? Can we give an analytical continuation for this?