The following video shows where is the Crestfallen Merchant located in Dark Souls. You will find this merchant inside a tower at the top of Sen's Fortress.
In order to meet him you will have to perform a jump that is a little bit difficult. If you remove all your weight you will have more chances of success.

This merchant sells really interesting items of all kind: consumables, upgrade materials, weapons, shields, armor and rings and ammo. These are the following ones as you can see at the very end of the video (after his dialogue):

Consumables: Black Firebombs and Green Blossom.
Upgrade Materials: Titanite Shards, Large Titanite Shards and, Green Titanite Shards.
Weapons & Shields: Greatsword, Greataxe and, Balder and Tower Shields.
Armor: Catarina Armor Set, Steel Armor Set and, Balder Armor Set.
Rings: Thunder Stoneplate Ring and, Spell Stoneplate Ring
Ammor: Standard, Large and, Feather Arrows. Standard, Heavy and, Sniper Bolts.

Also it is good to hear what he says to have a bit more knowledge about the lore in Dark Souls.

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